I was wondering whether board or lodgings income needs to be declared? Or does the ato turn a blind eye to it as if they were to make you pay tax on board recieved then you could claim deductions from them
reason is young people and students on centrelink have to fill out a form detailing;who they pay board to, how much it is and exactly what portion is for accomodaton or bills or food this makes it impossible to deney recieving payment from them.
i cant find anything on the ato website relating to this and would appreciate any help
thanks
Hi Falcon,
All income is supposed to be declared (whether you do or not is your call – provided you are willing to accept the consequences).
I would suggest under the circumstances outlined there is a possibility that ou could be checked on and as such I would be declaring income.
Some of your costs would become deductible (or partially deductible). I am assuming the property is your own home and if so the earning income scenario will impact on your CGT free status.
Have a discussion with an accountant.
Derek
[email protected]Property investment support – starts but never stops.
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