Browse Forums Rental Property Re: Renting out primary residence as holiday house 5Aug 21, 2014 7:27 pm +1 on good accountant as you will need depreciation schedules which the part of the year that it is rented would be claimed. I think it has the potential to be messy. Not sure whether the clock resets. I think it is cumulative otherwise one could perpetuate the 6 years. Either way if you are selling with 5 years it won't matter. Re: Renting out primary residence as holiday house 6May 31, 2019 5:56 pm Sunshine2013 Hi All, We are considering renting out our family home as a holiday house when were not going to be there. Currently we are living there for about 4 months of the year and feel we could rent out our place when not there. We do not have any other properties. We live on a coastal region in Victoria and holiday homes could give us a little extra finances. We plan on selling in around 5 years time and building again, just wondering if anyone has done this before and how tax and CGT would apply. Cheers There are a lot of things to consider If your property is unique you may get a higher rental, if not then you may be competing with many mediocre location properties in a race to the bottom with rental and you may get riff raff. Managing a short term property will take fair bit of your time and you need to be on top of building maintenance and cleaning. The commercial cleaning costs are substantial and can be more than $200, if your property is not clean it will reflect in the reviews. Do your research on the properties already on the short term market in your area. Foremost Building Expert in Australia,assisting with building problems/disputes, building stage inspections,pre-contract review advice for peace of mind 200 blogs http://www.buildingexpert.net.au/blog We've had the offer of a short term tenant whilst waiting for CDC/DA home approval and demolition for our knock down rebuild. It would achieve a pretty low rent as it's… 0 9886 i wouldn't be worried, you'll definitely miss something, no matter how many times you review. we've spent close to 5 months ensuring everything got reflected in the… 5 9441 4 9395 |