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Principal place of interest

Discussion in 'Real Estate' started by papillon, 13th Sep, 2010.

  1. papillon

    papillon New Member

    Joined:
    13th Sep, 2010
    Posts:
    2
    Location:
    Pert
    Hi
    I have a principal place of interested now rented out in Qld. I lived in that house for 3 years.

    Can I now buy a house as PPR in WA where I am now residing and how does that affect the PPR in Qld? I am getting the depreciation valuation for the Qld property.

    Thanks (I will not take any responses as advice)
     
  2. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
    Posts:
    1,885
    Location:
    Sydney
    Hi Papillon (we have a dog of this breed- very cute!)

    Short answer is YES - you can own one PPOR at a time so your former PPOR would be classified as an investment property now. In regards to depreciation on the Qld house, no problems should exist as it's classified as an IP and is therefore subject to the usual rules as per investments here. For more specific information, I'd recommend you speak to your accountant to clarify the facts.
     
  3. papillon

    papillon New Member

    Joined:
    13th Sep, 2010
    Posts:
    2
    Location:
    Pert
    Thanks Jacque, you answered my question how I thought it might be so that is good confirmation for me and I will also confirm that with the accountant.

    I have called my name Papillon as it is a play on my own name Vanessa meaning Butterfly which to me is a sign of absolute freedom.

    I appreciate your response.
    :)