I’ve never had the opportunity to own a home so idk the ins and outs of it all, but at the rate the property prices are growing I assume it’s profitable at sale time. Houses are the investment to have in Australia, and the government is doing everything it can to prop up the value of the investments.
A quick look at the tax office info tells me you have to pay capital gains tax on property you have used as a rental, but it’s discounted by 50% if you owned it more than 12 months, and can be offset by capital losses - in this case your negative income from the rent can offset a good chunk, if not all of it. And as far as I can find CGT is the extra fee for selling a house you never occupied.
I’ve never had the opportunity to own a home so idk the ins and outs of it all, but at the rate the property prices are growing I assume it’s profitable at sale time. Houses are the investment to have in Australia, and the government is doing everything it can to prop up the value of the investments.
A quick look at the tax office info tells me you have to pay capital gains tax on property you have used as a rental, but it’s discounted by 50% if you owned it more than 12 months, and can be offset by capital losses - in this case your negative income from the rent can offset a good chunk, if not all of it. And as far as I can find CGT is the extra fee for selling a house you never occupied.