narcissusford

narcissusford replied to the topic “Income” from housemate/tenant/boarder in the forum Legal & Accounting 14 years, 1 month ago

Thanks Annemarie (and all others who responded). I think I now have enough information to make an informed decision. Cheers

narcissusford replied to the topic “Income” from housemate/tenant/boarder in the forum Legal & Accounting 14 years, 2 months ago

Thanks again for the replies.What are the consequences to me if I do not declare this as income and I am subsequently audited and the ATO takes the view that I should have disclosed this as assessable income? Will I be committing an offence?

narcissusford replied to the topic “Income” from housemate/tenant/boarder in the forum Legal & Accounting 14 years, 2 months ago

Thanks for your reply.

By market rate I mean that he is paying a fair rate for the room and that I have not discounted the rent as I would if he were a family member. Also, the rent is fairly high (I live in the city and he has the master bedroom) and I think it would be difficult to categorize this as contributions to household bills only (aka…[Read more]

narcissusford started the topic "Income" from housemate/tenant/boarder in the forum Legal & Accounting 14 years, 2 months ago

Hi all

I purchased my PPOR on 13 November 2008. I moved in on this day and a mate joined me a month later. My mate paid market rent which I declared on my tax return for the 2008-2009 tax return. He moved out on or around 30 June 2009 and I stayed in the PPOR by myself for the 2009-2010 tax year.

About three months ago, another mate mov…[Read more]