Hi guys, I have a few questions with my IP and wanted to get some advice. I have asked around but can't get a straight answer. In 2013 I decided to get a home and land package for me to live in. Fast forward to 2014 and I got land titles, after several delays. At the same time my full time job turned into 2 or 3 days a week as business was slow. This is not something I could foresee as job was going well for several years. I tried to pull out of my house contract but it was too late. I eventually found something I really liked in QLD and moved. Once in QLD I decided to make the home to be built into an IP. By this stage I already got $10,000 FHOG. I got keys to my new house last week. My question is, now that my PPOR is an IP, how and when do I return the FHOG? I have heard suggestions to keep the grant by pretending to live there but don't know if that's a good idea? I asked around and got told if I refund the grant I am still eligible for another one if I decide to build again. Can anyone confirm? Also I was talking to an accountant and they told me if I was building a PPOR but had to move intestate for work reasons, I don't have to pay some tax? I didn't have time to ask more but is there some tax break I can get because I moved?
Personally I think you'll be lucky to get away with returning the grant and not have penalties tacked on for not complying with the grant conditions. Have you spoken to OSR yet?
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