There are few situations that would require a property to be moved from one portfolio to another, for example, if your owner occupied property became an investment property (or vice a versa), or if you decided to let your investment property through a share accommodation platform like AirBnb or Stayz.
Whatever the situation, moving a property from one portfolio to another is quick and easy.
Step 1 - Manage Properties
From the property tank select the 'Manage Properties' button
Step 2 - Select the Property
Select the 'Move' button next to the property you want to move.
Step 3 - Move it to the New Portfolio
From the dropdown select which portfolio you want to move the property to, and the date to apply the change. The date is important because we will adjust your tax summary (were applicable) from this date.
It's super important to update the market value and attach an appraisal letter to substantiate the value in the future should the ATO ever ask (also keeps accountants happy..)
From the 'History Moves' tab you can keep track of changes, dates and market values and ensure your accountant has all the information need to calculate accurate capital gains tax if the property is sold in the future.
