Shared accomodation

[WinstonWolfe]

This is the ATO's view.
http://law.ato.gov.au/atolaw/view.htm?docid=ITR/IT2167/nat/ato/00001

Fenix, where did you get the info that the Qld RTA are only interested if there are more than 4 tenants? Their website info says boarders are required to lodge bonds, though are not subject to the rest of the tenancy act.
http://www.rta.qld.gov.au/share_houses.cfm

 

[IndexFund]

The ATO would be interested in the 2 bucks I found on the street... and the 50 cents I picked up 5 years ago.

 

[alexlee]

The ATO would be interested in the 2 bucks I found on the street... and the 50 cents I picked up 5 years ago.

Yet it's not interested in the tens of thousands I claim as depreciation on my tax return. Go figure, huh.

IF, ever take a step back and ask what you achieve with your rants?
Alex

 

[Mr. Fabulous]

I wonder how a family court judge would view a guy having regular sex with 2 room mates?

Lucky?
Foolish?
More trouble than it's worth?
Playing with fire?

Mark

 

[fenix]

This is the ATO's view.
http://law.ato.gov.au/atolaw/view.htm?docid=ITR/IT2167/nat/ato/00001

Fenix, where did you get the info that the Qld RTA are only interested if there are more than 4 tenants? Their website info says boarders are required to lodge bonds, though are not subject to the rest of the tenancy act.
http://www.rta.qld.gov.au/share_houses.cfm

Sorry Winston,

I think that is correct. However, in my scribbly notes from talking to several people in the RTA, I have marked out *No Bond Lodgement* clearly. It seems like a grey area as the owner-occupier is living right there with the boarders / lodgers.

 

[fenix]

Hehe.

A few years back, I rang the ATO and said that I need to declare interest that I have earned in my savings account.

That year I had earned an immense amount: 47c

I first asked: do I have to declare interest that I have earned regardless of the amount? Yes.

Secondly, okay, I'd like to declare $0.47. The lady said that it could not be done as they had to round it UP. Not sure why it was up, but I decided to use e-tax that year and I put in 47c (it let me).

At 8% interest rate, interest paid monthly, for 60 years, this amounts to $56.21 (without factoring inflation etc.)

The possibilites are endless.

 

[INVSTOR]

About 12 years ago I rang ATO regarding receiving rent for a room. They said it was of a personal nature and need not declare it. You can ring anomonously.

 

[Perp]

The ATO would be interested in the 2 bucks I found on the street... and the 50 cents I picked up 5 years ago.

You're way over-estimating your own importance to our national economy.

About 12 years ago I rang ATO regarding receiving rent for a room. They said it was of a personal nature and need not declare it. You can ring anomonously.

Yes, you can. And "anonymously" But they might get annoyed with "amorously"

Now, back to an example of how the ATO really aren't after every measly dollar, and you can "earn" money that's not taxable. My uncle owns some substantial original art works, which he displays in his own home. He has had advice and provided he doesn't claim any expenses related to them (eg alarm systems, repairs and maintenance), he's also not required to declare any capital gains - which are in the hundreds of thousands. Why? Because they're personal, not an investment.

And the confusion re bonds etc is all about the difference between a shared tenancy - where several people have independent leases with a real estate agent, such as in a student house - and a group of people (generally who know each other, but not necessarily) who agree to share living expenses. The former would produce taxable income and require bond lodgement etc, the latter generally wouldn't.