澳洲Australia property Hypothetical question: free rental | Sydn

在澳大利亚Property Investment




If I own a property outright, no mortgage, can I let someone live in the house for free without any implications? The someone would be my mum:)  

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Are you claiming any expenses such as repairs, rates etc against your income tax?

The Y-man  

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Yeah of course.  

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JWR said: ↑
Yeah of course.Click to expand...
As long as you're not claiming any expenses.  

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lizzie said: ↑
As long as you're not claiming any expenses.Click to expand...
^ ^ yes. As long as you are not making a commercial return by charging market rents, then you are not entitled to any deductions for expenses such as repairs, rates, insurances and depreciation.  

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You can let whoever you want live in your property but if you aren't renting it out to them then you cannot claim the tax benefits as if you were.

Also be aware that if you try to get around this by renting it to your mum at say $50 a week when market rent is $500 a week then you may still be ineligible for tax deductions, or at best your deductions would have to be based on the market rent of $500.  

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You will simply ignore the property on your tax return as it is not making you any income. No expenses allowed.

However, you will be liable for CGT for the period your mum lives there, and possibly land tax.
Marg  

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Others have covered tax implications.

Liampeak said: ↑
If I own a property outright, no mortgage, can I let someone live in the house for free without any implications? The someone would be my mum:)Click to expand...
I don't know about your State but in Qld I believe that the tenancy regulations could regard you as having let without conditions (to protect yourself). To be blunt, your tenant would have a lot of rights you don't have.

Even where it is a very close relative you cannot predict the future.

Pardon me for saying it but for argument's sake what if mum had someone stay who she then wanted to leave, or perhaps stayed and then could lodge a claim for the right to remain indefinitely?

What not have a lease? Peppercorn rent, usual conditions and annual term? That doesn't stop you from maintaining, carrying out repairs and so on.

I do not have legal training, just saying that a brief consultation might be worthwhile.  

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fisherman said: ↑
Others have covered tax implications.



I don't know about your State but in Qld I believe that the tenancy regulations could regard you as having let without conditions (to protect yourself). To be blunt, your tenant would have a lot of rights you don't have.

Even where it is a very close relative you cannot predict the future.

Pardon me for saying it but for argument's sake what if mum had someone stay who she then wanted to leave, or perhaps stayed and then could lodge a claim for the right to remain indefinitely?

What not have a lease? Peppercorn rent, usual conditions and annual term? That doesn't stop you from maintaining, carrying out repairs and so on.

I do not have legal training, just saying that a brief consultation might be worthwhile.Click to expand...
A lease to let your mother stay for free in your house ???????

holy ****  

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Hypothetically, if you owned an investment property and occasionally used house sitting services to keep someone in the place to maintain/keep an eye on it, then you may still claim expenses on the property during that period even though you derive no income from the house sitter. In fact, you might even pay the house sitter to keep an eye on the place, and claim that as well.

Juuuuust sayin :)  

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jaycee said: ↑
A lease to let your mother stay for free in your house ???????

holy ****Click to expand...
It would not be unreasonable to have a lease in place as many family arrangements do go awry and you will see the headlines on ACA "Bad son kicks mother out of home..."  

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jaycee said: ↑
A lease to let your mother stay for free in your house ???????

holy ****Click to expand...
Ok you made your point.

The answer is yes and for the protection of both, because their circumstances can change and not necessarily through their own choosing.

Do you have anything to say about the general coverage of the regulations in Qld?  

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Why not formally rent to family. Get a lease in place and transfer money into bank accounts etc. The family may even be able to get rental assistance from centrelink.

If the family pays market rent then you would be able to claim all normal expenses.

If you want you can also gift money to your family too.  
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