**Apologies, meant to post this under the tax section***
Morning all,
We are in the process of moving out of our newly renovated PPR and renting a place in a new town for work. Our home will be rented out while we're away, and we may or may not ever move back into it depending on how long I'm away from work and whether or not we have kids before we return.
I have had a valuation done as I topped up the home loan to repay debt with a new split (largely money spent on renovating the premises), and have left the home loan splits on interest only. We'll be prioritising paying down the non-deductable split.
The property will be listed for rent this week but won't be vacant until 30 June, earliest possible move in date will be 1/7/2015. I didn't want to complicate this year's tax which is otherwise straightforward with rental property shenanigans.
Things I had on the cards for next year that aren't currently claimable that will be were:
Any traps for new players as to things we should be doing at this point?
Morning all,
We are in the process of moving out of our newly renovated PPR and renting a place in a new town for work. Our home will be rented out while we're away, and we may or may not ever move back into it depending on how long I'm away from work and whether or not we have kids before we return.
I have had a valuation done as I topped up the home loan to repay debt with a new split (largely money spent on renovating the premises), and have left the home loan splits on interest only. We'll be prioritising paying down the non-deductable split.
The property will be listed for rent this week but won't be vacant until 30 June, earliest possible move in date will be 1/7/2015. I didn't want to complicate this year's tax which is otherwise straightforward with rental property shenanigans.
Things I had on the cards for next year that aren't currently claimable that will be were:
- The interest on the loans used to purchase the properties - these have not bee contaminated.
- Body Corp/Sinking Fund/Water/Rates/Property Management Fees
- LMI relating to the original loans used to fund the purchase - not the LMI on the top-up that was for non-deductible purposes.
- Depreciation? When should we get a depreciation schedule done up? We spent about $35-40k renovating, replacing floors, wardrobes, kitchen, taps, painting, air con, kitchen appliances, ceiling fans etc...The building itself is a 35 year old unit but internally it's basically brand new.
Any traps for new players as to things we should be doing at this point?