Issues:
- I separated from my wife in January 2012.
- We entered in a legal settlement agreement. Facts of the agreement are:
1. I will pay her a lump sum of $50000 when she vacates the property I solely own.
2. For each week she remains in the property an amount of $400 “rent” will be deducted from the $50000.
Questions:
1. Is the $400 deemed as income assessable rent?
If yes to the above, how do I prove that I have received rent as it is coming off what I owe her and she is not actually paying me ?
Reckon I need to apply for a ruling from the ATO?
- I separated from my wife in January 2012.
- We entered in a legal settlement agreement. Facts of the agreement are:
1. I will pay her a lump sum of $50000 when she vacates the property I solely own.
2. For each week she remains in the property an amount of $400 “rent” will be deducted from the $50000.
Questions:
1. Is the $400 deemed as income assessable rent?
If yes to the above, how do I prove that I have received rent as it is coming off what I owe her and she is not actually paying me ?
Reckon I need to apply for a ruling from the ATO?