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Jessica also has an investment property in Brighton, Australia. The property is rented out for a monthly rent of $850. The property was purchased on
Jessica also has an investment property in Brighton, Australia. The property is rented out for a monthly rent of $850. The property was purchased on 9 March 2007 for $520,000. She has recently had the property valued, and the current market value is $840,000. Jessica is planning to move overseas at the beginning of the next year. Therefore, she is contemplating on selling the investment property in the 2024 tax year. She would like to understand the potential tax consequences of - a) selling the property before she moves overseas; and b) continuing renting out this property while she moves overseas permanently with her partner
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