Hey all,
I'm new to the forum and new to the property world. I am currently looking to purchase my first property in the coming months and would like some advice on my plan and and a a question relating to capital gains tax.I am currently a serving member of the ADF based in Darwin. I earn approximately $60,000 a year and currently have a deposit of approximately $100,000. I plan to buy in Darwin as I am stationed there for another year atleast and plan to take advantage of the FHOG aswell as a similiar a grant provided buy the army of approximately $12,000 for first homeowners totalling $26,000 in grants all up.
I plan to live in this property for approximately 8 months when I then expect to be deployed for 8 months overseas on operations. Upon returning home I plan to leave the army and travel for 6 months. During both these periods I plan to rent out the property. After returning to Australia from travelling I plan to move to Sydney as this is where i am originally from and wish to live. I plan on purchasing a property in Sydney by selling the Darwin property.Q1: After initially moving into my property in the first 8 months am I allowed to move a friend in with me and charge rent or does this go against the conditions of the FHOG?
Q2: After selling my property in Darwin which i would have been renting out for approximately 14months am I susceptible to CGT? (Baring in mind I would have no other PPOR as I would of been overseas for 14 months.)
Any other input or advice is welcome.
ThankyouHi nooby,
How about that? My brother is also stationed in Darwin with the defence force! His wife is a lawyer there too so she might be able to give you a proper legal answer if you like.
I am of the understanding though that if you are just sharing a room within your house then it will have no effect on either of your questions.
Cheers,
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