2,610 online now
238,497 members
Newsletters
Log in or Join now

Fairfax Digital

Essential Baby > General > What Do You Think?

Navigation

Welcome Guest
( Log In | Register )

Quick links

Help

Forum links

Blogs

Today's active topics

Newsletter Subscriptions

Rules

6 Pages

1 2 3 > »

Calling all landlords

economist99 View Member Profile	14/12/2012, 11:55 AM Post #1
Posts: 222 Joined: 24-September 12
Member
Can anyone shed insight on income reporting from a landlords perspective? Before I had a family I had income from my job and rentals, then I had a lot of rental deductions, so paid minimal tax. Now I am a single parent and I don't want the income from rentals reducing my CCB and FTB. Can I simply get my tenant to pay rent to my daughter instead of me, or to a company? Unsure of all the rules and the ATO website offers no help...

Bek+3 View Member Profile	14/12/2012, 12:08 PM Post #2
Posts: 3,001 Joined: 22-October 11
Advanced Member
Unfortunately, regardless of whether you negative or positive gear your property, to Centrelink, it's all calculated as income. E.g. If you losses total $10k for the financial year, CL will ADD 10K to your yearly estimate. I don't think you can have the rent paid to your DD or anyone else. This would be tax fraud!!

casime View Member Profile	14/12/2012, 12:09 PM Post #3
Posts: 6,502 Joined: 12-September 07
+
Are you actually asking on a public forum for advice about how to commit fraud?

deejie View Member Profile	14/12/2012, 12:11 PM Post #4
Posts: 2,593 Joined: 27-July 09
Advanced Member
QUOTE (economist99 @ 14/12/2012, 12:55 PM) Now I am a single parent and I don't want the income from rentals reducing my CCB and FTB. Can I simply get my tenant to pay rent to my daughter instead of me, or to a company? Unsure of all the rules and the ATO website offers no help... I am not surprised the ATO website does not offer advice on how to commit fraud.

Overtherainbow View Member Profile	14/12/2012, 12:11 PM Post #5
Posts: 4,019 Joined: 14-March 08
Advanced Member
Unless your daughter keeps the money, you would be creating tax fraud. Speak to an accountant for the best, honest options for you. Please don't rip off the system, your gain is Australia's loss.

Becky Thatcher View Member Profile	14/12/2012, 12:15 PM Post #6
Posts: 1,352 Joined: 7-June 12
Advanced Member
QUOTE (deejie @ 14/12/2012, 12:11 PM) I am not surprised the ATO website does not offer advice on how to commit fraud. I like the OP's username too.

Funwith3 View Member Profile	14/12/2012, 12:21 PM Post #7
Posts: 975 Joined: 6-February 06 From: Victoria
Regular Member
Some people are so funny. This is commonly known as 'dodging the system'. Its illegal. Pay your taxes like everyone else!!

deejie View Member Profile	14/12/2012, 12:25 PM Post #8
Posts: 2,593 Joined: 27-July 09
Advanced Member
QUOTE (LindsayMK @ 14/12/2012, 01:15 PM) I like the OP's username too. Yes I did see that. You would think such a person would be entirely capable of researching how to commit fraud by themselves without needing assistance from a public forum. edit-spelling This post has been edited by deejie: 14/12/2012, 12:25 PM

CallMeProtart View Member Profile	14/12/2012, 12:28 PM Post #9
Posts: 9,717 Joined: 4-February 09
or Fembo maybe...
Go easy, the OP obviously didn't know it was fraudulent, now she knows. OP, there's probably ways it could be 'structured' via companies or trusts that would make it not fall into your income, but you would need one of those super duper accountants to figure it out/set it up, and it would probably end up costing you more in compliance and accounting fees than you'd lose in benefits. Typically only the very rich can afford to structure things in such a way as to avoid tax. It's one of the ironies of our system. One question - do you own where you live? If not, selling your rentals and buying your own residence could end up being beneficial, but I'm not quite sure how it all works so don't quote me on that.

bikingbubs View Member Profile	14/12/2012, 12:28 PM Post #10
Posts: 2,156 Joined: 21-May 10
Advanced Member
Oh man what a good idea...why didnt anyone else think of doing that?! oh yeah..thats right - its illegal!!!!

« Next Oldest · What Do You Think? · Next Newest »

6 Pages

1 2 3 > »

1 User(s) are reading this topic (1 Guests and 0 Anonymous Users)

0 Members:

Display Mode: Standard · Switch to: Linear+ · Switch to: Outline

Track this topic · Email this topic · Print this topic · Subscribe to this forum

The accidental attachment parent

"Attachment parenting has set me up for ... well, I'm not going to say failure, but for a very difficult time," says one mum.

Baby love is worth the expense

Amidst all the arguing over which paid parental leave scheme is best for parents, is anyone talking about what's best for babies?

Immunisation, fever and pain relief

Find out the benefits and risks involved with protecting your child from harmful diseases.

Free: 'The First Year' ebook

Check out our new interactive ebook, part of the brand new SMH Shortbooks series, for free!

One mum's 'biggest mistake' offers lesson for all

A mother sparked conversations around the world when she declared, in a national newspaper, that she wished she'd never had her two children. But her story can teach us a valuable lesson on parenthood.

Ask an expert: My child is suddenly resisting toilet training

My child is resisting the toilet training process. We got off to a good start, but now she?s refusing to use the toilet. What can we do now?

Johnson's Baby 'how to' videos

We've learned a lot since we launched our first JOHNSON'S� baby powder way back in 1894, so we've put together this collection of 'how to' videos to get you started on your exciting journey.

New dads are sexy and they know it

While most women wouldn?t associate being a new parent with feeling more attractive, it seems men see it differently: they think they?re better looking than before they were dads.