Buying a house - tax implications

Ahir87 on 05/07/2015 - 14:21

I just signed a contract to buy a house on 30/06/15, last day of financial year.

The settlement is 60 days on 28/08/15

I am about to lodge the tax return online myself.

What will be the tax implications of house purchase for me? Any tax experts out there? Please advise. Thanks

Comments

boonanza on 05/07/2015 - 14:25

+1

There are No tax implications unless it was purchased through a business.
- Ahir87 on 05/07/2015 - 14:34
  
  Thanks for the info! Appreciated!
Baysew on 05/07/2015 - 15:32

+1

Is the house to live in as your primary place of residence or is it to rent out ?
- Ahir87 on 05/07/2015 - 21:15
  
  Principle place of residence
johndowy on 05/07/2015 - 16:15

You can only claim the interest portion of your repayments.

If you are renting the property out, you can also claim any work done on the house.

There won't be anything that you need to do for last years tax return.
- Ahir87 on 05/07/2015 - 21:16
  
  Thanks
- GaelicAU on 06/07/2015 - 11:25
  
  +1
  
  Claim the interest on a mortgage on your home? Really? Please expand.
  - megamilinda on 06/07/2015 - 14:08
    
    +2
    
    I'm guessing @johndowy missed the OP reponse about it being a PPR.
megamilinda on 06/07/2015 - 14:06

+2

If it's your main residence there are no tax consequences.
If it's an investment, no capital gains until you sell the property, and since you have only just signed the paperwork, you wouldn't have any expenses and income to declare.