Loading
This thread is archived and the information may not be up-to-date. You can't reply to this thread.
cwinston(Newbie)Newbie
8 Feb 2025

Hi, I'm looking to purchase my first home, but have a timing issue: I will need to be out of the country for work for several months within the first 12 months of settlement. The property I am looking at is tenanted on a month-to-month and I would be able to move in before the 12-month window for FHB concessions in Victoria, but what are the tax implications of having a renter in my only property for several months? I would not have another PPOR as I would be living abroad and putting my things in storage, but I would be paying mortgage and fees on the new (tenanted) property.

390 views
1 replies
390 views
1 replies

Most helpful response

Most helpful reply

Taxduck(Taxicorn)Taxicorn
8 Feb 2025

Well, the rent is assessable income and needs to be declared. With regard to any future disposal and CGT see the link for information

Moving to a new main residence | Australian Taxation Office

Normally a dwelling does not become your main residence (so exempt from CGT) until you move in. If there are unforeseen circumstances which don't allow that then this is taken into account. See if the circumstances of the example for Li Jing match yours. (moving in as soon as practicable).

If you were aware of the need to be out of the country before purchasing the property then the property will not become your main residence until you move in.

.

All replies

Most helpful reply

Taxduck(Taxicorn)Taxicorn
8 Feb 2025

Well, the rent is assessable income and needs to be declared. With regard to any future disposal and CGT see the link for information

Moving to a new main residence | Australian Taxation Office

Normally a dwelling does not become your main residence (so exempt from CGT) until you move in. If there are unforeseen circumstances which don't allow that then this is taken into account. See if the circumstances of the example for Li Jing match yours. (moving in as soon as practicable).

If you were aware of the need to be out of the country before purchasing the property then the property will not become your main residence until you move in.

.

  • Avatar of platypus
Liked by Bruce4Tax

Featured articles

Tax tips for managing your side hustle

22 Apr 2024 · 6 min read time

Tax on gifts and inheritances

15 Apr 2026 · 5 min read time

How much tax should I pay on a second job? Claiming the tax-free threshold

15 Apr 2026 · 4 min read time

Top liked users

  1. Bruce4Tax

    (Taxicorn)

    3260 likes

  2. Taxduck

    (Taxicorn)

    2069 likes

  3. PayrollDeanne

    (Taxicorn)

    816 likes

  4. YellowPotato

    (Taxicorn)

    529 likes

  5. knaresbro

    (Devotee)

    364 likes

Top contributors

  1. Bruce4Tax

    (Taxicorn)

    10399contributions

  2. Taxduck

    (Taxicorn)

    4762contributions

  3. PayrollDeanne

    (Taxicorn)

    2061contributions

  4. YellowPotato

    (Taxicorn)

    1352contributions

  5. YEP

    (Devotee)

    837contributions

Loading
buying a tenanted property and not moving in for several months | ATO Community