Forums / Property Investing / Help Needed! / Buying Off the plan as owner occupier and renting out after settlement

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  • Profile photo of new2investnew2invest
    Participant
    @new2invest
    Join Date: 2010
    Post Count: 37

    I am looking at buying my next property as Owner Occupier (OO) then after settlement will leave in it for 6months n after that rent it out. I already have a PPOR and 3 IP.

    With this new purchase I will have 2 PPOR. One for a short term at least.

    Wondering how long do I have to leave in it before I can rent it out n start claiming the deductions. Is it 6 or 12 months?

    As far as the property is concerned it’s a 3 bed beachside apartment with a completion date feb 2020.

    What are the tax implications should I decide to sell it in 20yrs time considering i bought it as PPOR when I already have a PPOR.

    Would like to hear some ideas or people experience with similar scenario.

    Cheers

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,173

    There is no time frame that you have to live in it. From a tax point of view there is no minimum time frame to class it as the main residence either.

    Tax implications are complex, it will be taxable so seek advice.

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

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