Hello all,
Just wanted to confirm my impression. We are renting a property out in Adelaide for the first time, it was previously our PPOR. The value of the property is approximately $290k, and we are getting $300/week rent. My question is who do I need to notify? Obviously the ATO will find out during the next tax period, and we've sorted the utilities and insurance and our mortgage holder (ING), but who else? I did some research on Land Tax, and it seems we're below the limit for paying it if I'm reading it correctly, but I don't want to end up in jail so would appreciate help.
Just wanted to confirm my impression. We are renting a property out in Adelaide for the first time, it was previously our PPOR. The value of the property is approximately $290k, and we are getting $300/week rent. My question is who do I need to notify? Obviously the ATO will find out during the next tax period, and we've sorted the utilities and insurance and our mortgage holder (ING), but who else? I did some research on Land Tax, and it seems we're below the limit for paying it if I'm reading it correctly, but I don't want to end up in jail so would appreciate help.
