Calling all Tax Experts,
My parents have recently emigrated to Australia and are living with me for the the past few months. They will be living with me for the short to medium term and have proposed to make regular payments to pay a share for boarding/utilities/expenses etc.
Am I able to turn this in to a legitimate tax minimization strategy by writing up a legally binding tenancy agreement with them where they pay me a certain amount per month as rent and that way I can claim a certain %age of my PPOR as an IP (say 30% as they occupy 1BR out of 3BR property) and legally deduct expenses?
Also, it is worth noting that my wife has provided "Assurance of Support" on their PR visa application for a period of 10 yrs. They are not deriving any income presently. However, they can provide evidence that their tenancy is being funded from funds in offshore accounts.
Also, what is the CGT implication for this scenario?
Appreciate your responses in Advance !!!
My parents have recently emigrated to Australia and are living with me for the the past few months. They will be living with me for the short to medium term and have proposed to make regular payments to pay a share for boarding/utilities/expenses etc.
Am I able to turn this in to a legitimate tax minimization strategy by writing up a legally binding tenancy agreement with them where they pay me a certain amount per month as rent and that way I can claim a certain %age of my PPOR as an IP (say 30% as they occupy 1BR out of 3BR property) and legally deduct expenses?
Also, it is worth noting that my wife has provided "Assurance of Support" on their PR visa application for a period of 10 yrs. They are not deriving any income presently. However, they can provide evidence that their tenancy is being funded from funds in offshore accounts.
Also, what is the CGT implication for this scenario?
Appreciate your responses in Advance !!!