hi everyone,hope i can get some advice,we live in our ppor in sydney but wish to sell and move into our ip up the coast,our questions are: what does this affect re tax and how much notice do we have to give tennants /real estate manager before we can move in,also would greatly appreciate anything else that you guys think we may need to keep in mind.
From a tax pov, you may still have to pay CGT on this property if you sell in the future, but it should be limited to the increase in value while it was rented. So it may be a good idea to get a valuation on it done when you move in (tell the valuer you want a conservative one done!).
If you think you will ever move out of this one and rerent it, then it would be best not to pay down the loan on it, but to put the proceeds on the sale into a 100% offset linked to the new home. Better for tax reasons if you rent it out again.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
thank you for the insights,does anyone know how much notice i have to give realestate agent to move into property even if there is a lease in place??
If there is a lease in place, 21 days prior to the expiry of the lease (me thinks) – ref: http://www.fairtrading.nsw.gov.au
That is, you cannot break the lease prior to expiry unless there is a default & judgement against the tenant.
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