rental income below threshold, need to lodge 2013 income tax return?

[needtolearn]

Hi, everyone,
Just need to know if there is a requirement to lodge the 2013 income tax return, if only income is rental income from IP but below 2013 income tax threshold of $18,000.

The taxable income is not a loss ( positive) but it is below the threshold.

Do we need to advise the ATO that there is no need to lodge if income tax lodgement is not required for financial year ending 2013?

Thanks , for any help/info.

 

[Tigerboy]

Because the income is 'business' income you will be required to lodge a return.

You won't be paying tax though

 

[Paul@PFI]

Paul

Tigerboy isnt qualfied in tax ! Rental income is NOT business income. Its "rental income" shown at label 21 not a business schedule. (Business losses dont offset other ncome but rental losses do)

If net income inclusive of rent is below thresholds there is no need to lodge BUT you may be asked to explain later if unreporting income concerns trigger an ATO enquiry. At that time they would agree. If it is a rental loss you should lodge or the loss may be sacrificed.

There is a process to advise the ATO. A letter is sufficient - include TFN etc

regards

Paul
www.pricefinancial.com.au

 

[atti]

have you done the sums properly even pension / centerlink alone is close to 14k per year unless u rent your ip for less then 4k per year .....