Other rental types Flatmates or Boarders
If you have boarders or flatmates, you may need to return the income. One boarder - Income is not taxable, expenses not claimable. Two or three boarders - 20% of board payment must be included as income. If you believe the profit from the boarder is less then 20% of the rent you can opt to keep full records of expenses and work out the proportion of expenses relating to the boarders. Four or more boarders - You must keep full expense records and work our the proportion of costs relating to the boarder income. Self-contained Units - If you rent out a self-contained until, you must use one of the following methods to work out your rental income: Keep track of all expenses which relate to the part of the property you are renting out, and claim these against your rent or Keep a record of total household expenses and apportion them based on the area that is rented.
Next: Property investment in Australia The information on this web site is of a general nature only. Readers are advised to establish the applicability of information in relation to specific circumstances and not to rely solely on the information provided here.
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