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Changes in the rental property address

Newbie

Views 136

Replies 2

Hi there,

 

We have a rental property purchased 15 years ago. When we saw the Section 32 during the purchase, we found that various organisations quoted its address differently - some quoted it as 6/85-93, while others as 6/83-89. Nothing that we could not change it  in every place, as the property is 50 year old by now and all organisations (e.g. utility providers like water/gas/electricity/phone, council, SRO) have it recorded differently in their systems, even having the different suburb as they share the same post code. We had this issue ongoing while opening utilitiy accounts and usually had to explain and provide section 32 to prove that it is the same property.

 

For the last 15 years we quoted it in our tax return as 6/85-93, in the same way as the real estate agent (property manager) had it registered from the start. During the recent bank refinance we had to get the agent to change the property address to 6/83-89 to allow the refinance and settlement to occur as bank decided to use a different address for the mortgage based on the SRO information and refused to use the current address. So for the last few months the property rental statements and new lease have been issued with the updated address.

 

I'm just wondering what we need to do now to inform ATO about this address change? Provide Section 32 where it has various addresses as a proof?

 

Should we start quoting new updated address from this Tax Return or continue to use old one?

 

Also this property is rented now to the Community Housing Provider and to get the CGT discount in the future we would need to get the Affordable Housing Certificate from the provider. I'm afraid that if the address in that certificate is different to the one in the tax return, then ATO will not accept this as valid evidence as it might not be able to match up two addresses to the same property. But the provider will not be willing to sign the ceritficate with the address different to the updated one in the recent lease.

 

Please advise on what we should do now.

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 1

Hello @ Vitsvg

You can edit your rental properties address on your tax return. This will update your rental property schedule.

Our myTax Rent page provides information on how to edit your rental property details. 

 

Alternatively your accountant to update these details when they complete your return.

 

If you can provide evidence that the both addresses belong to the same property your CGT discount will not be affected.

2 REPLIES 2

Most helpful response

ATO Community Support

Replies 1

Hello @ Vitsvg

You can edit your rental properties address on your tax return. This will update your rental property schedule.

Our myTax Rent page provides information on how to edit your rental property details. 

 

Alternatively your accountant to update these details when they complete your return.

 

If you can provide evidence that the both addresses belong to the same property your CGT discount will not be affected.

Newbie

Replies 0

Thanks Kara