I don’t know if this topic has been discussed before, but I know of a few people in Australia who rent out their spare bedroom to overseas exchange students. Sometimes they pay around $100 a week for food and board. I know of one family that had 2 people boarding most of the time – an extra $800 a month.
Just something to think about.
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Thanks for that. I’d like to add that tax is a consideration here. CGT may apply. Then again, what Costello don’t know, don’t hurt
Thanks Lib’s for making us the highest taxed nation after Iceland.
Apparently the ATO doens’t consider ‘boarders’ paying money to be income. (According to the 2004 Taxpayers guide, and a friend who rang the ATO). You culd possibly declare the income and then claim other expenses such as interest etc, but then you would have CGT problems.
I have had exchange students in my place in Sydney, and charge them $250 per week. This seems to be the going rate in Sydney.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I don’t know why you would write this info on your tax form. You could probably receive the money cash no problem. Any ATO officials reading this? $250 a week is better than any investment property! I have met with some people and loved doing this. My own family, wouldn’t think of taking money. Each to their own as they say. If anyone needs more info on this, I would be happy to help. P.S. I am not selling anything here, just thought it would be a good idea for people to get some extra investing money.
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