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Hi all, thanks for the advice. We have since discovered that our house is zoned single residential so we can’t claim as a rental property or have any taxable deductions. I have done a bit of a worksheet though and the taxable deductions would have been less than the income received anyway. We now have a draughtsman coming to draw plans and advise on compliance issues which he will submit on our behlaf to council then we plan to build in and have everything seperate other than laundry & elecetricity which will be shared. Then we can advertise for a “boarder”….it all depends on the terms we use!! All income will have to be “under the table”…It still looks like the income we earn will easily cover loan interest and principle costs and of course it’s an ongoing small income so once the amount it paid off, its all undeclared profit. lovely. Any other advice still welcome!
thanksHi Sue,
thanks for your reply. Yes, we have thought of having person living on our property but figure it’ll be just one “carefully selected” person and their place will be self contained and seperate to us so shouldn’t be too bad. More so for them to be honest with you since we have 2 little ones plus 2 dogs so will have to ensure we choose carefully. We are still getting construction prices but as slab is down and some joinery and electricity and plumbing all done it shouldn’t be too bad. It would be nice to come out on top for once! Thanks for your input. kelley
