Tax and renting a room out
May 14th 2008, 1:50 am
#1
Ex BE ***** Addict
Thread Starter
Joined: Jul 2005
Posts: 3,770
Tax and renting a room out
Does anyone know if there are any tax implications in NSW to renting
out a room in your house? Does the income from it count as income or is there any concessions on it?
out a room in your house? Does the income from it count as income or is there any concessions on it?
May 14th 2008, 2:11 am
#2
Retired
Joined: Apr 2004
Posts: 34,649
Re: Tax and renting a room out
If it is taxable, check what expenses you may deduct against it.
May 14th 2008, 3:33 am
#3
Ex BE ***** Addict
Thread Starter
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Re: Tax and renting a room out
Assume it's taxable. To see if there is any concession like the U.K. "Rent a Room" scheme, visit http://www.ato.gov.au
If it is taxable, check what expenses you may deduct against it.
If it is taxable, check what expenses you may deduct against it.
http://law.ato.gov.au/atolaw/view.ht.../NAT/ATO/00001
