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I don't think you should claim the income. I think you could. But you may be claiming $100 pw income, $5,000 pa. claiming 33% of all costs etc may mean you make a loss. Lets say it is $2,000 pa. From this you may save $600 in tax. When you come to sell you will find 33% of your gain is...

Why does one have to be dodgy? You could rent out a room at market rates and claim deductions in full. Stamp duty is likely to not be reimbursable if you are not granting exclusive possession to part of the house.

??? Now you are referring to the tax aspect. This has nothing to do with the stamp duty side of things.

Are you really going to rely on advice from a mortgage broker who asked a question to a solicitor? How do you even know she asked the right question or told the solicitor all the information - or that the solicitor exists even? Ringing the OSR will only give you their opinion of the law. Ask...

Looking up "exclusive possession" in Butterworths legal Dict

Re your legal Q I assume you are referring to QLD Legislation, http://www.austlii.edu.au/au/legis/qld/consol_act/da200193/s153.html This section reassessment of duty. You are the transferee. Have you disposed of the land by i) transferring it? I think not ii) leasing it? maybe...

Why are you taking legal advice from a mortgage broker? Best to rely on your lawyer I think.

Propertyunity referred to para 18 I understand this to mean that if you charge any more than for basic expenses such as food and electricity then you are producing assessable income.

Because if you use your residence to produce assessable income then you lose the full exemption under s118-190 ITAA 1997 http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s118.190.html

Look at para 19

Dan, that is confusing! see 118-145(1) Note the word ceases.

Dan The legislation for the year rule stipulates it only applies 'if your main residence ceases to be your main residence'. If you were still there it wouldn't cease to be. http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s118.145.html I think the ATO would be concerned more...

Yes, you cannot be there and claim the 6 year rule. If you rent out your house while absent you could claim the exemption from CGT if you are not claiming any other property, the land is less than 2 hectares etc. If you rent out a room while living there then that portion of the house will...

The 6 year rule (s118-145) only applies to absences. I think with Q2 you are asking if you can treat the payment from the tenant as 'board' and therefore not income. I think for this to be the case the payment they make must only be for general bills such as food, electricity etc. Not...