I lived in Canberra, I have purchased an investment property in later 2010 and it has been rented for the whole 2011.
Since the tenants are moving out and we are under the pressure of carrying on two mortgages, I plan to move into the investment property as our main residence and sell my current house.
anything I need to do for besides notify ACT Revenue Office that the investment is no longer being rented to avoid additional land tax charged?
Thanks a lot!Jamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,069
Nope, that’s pretty much it.
A valuation or market appraisal could be handy because you’ll need to be able to work out how much CGT is payable for the couple of years it was an IP. However, given it was purchased it late 2010 it’s probably not necessary.
thanks, much appriciated!
am I able to claim any loss when selling my currnt house?Scott No MatesParticipant@scott-no-matesJoin Date: 2005Post Count: 3,856
Only if it was previously your ipEPI_DenMember@epi_denJoin Date: 2010Post Count: 71
I’d be checking some tax-related stuff with your accountant.
By purchasing an investment property (in late 2010) you were eligible to claim certain tax deductions that you wouldn’t have been able to claim if the property was your PPOR. Check with your accountant to ensure you’re not liable to pay any of this back!TerrywParticipant@terrywJoin Date: 2001Post Count: 16,213