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Greenscooter22(Newbie)Newbie
14 July 2024

I live in a regional area and would like to relocate my family for 18 months to access medical services for my disabled daughter. I would like to rent out my house and rent a home for the same amount of money, therefore not making any income. If I’m not making any income from my rental because it’s the same amount of money that I have to spend to live in another home will this affect my income, tax and family assistance?

many thanks for your time and help.

Amanda


2,778 views
1 replies
2,778 views
1 replies

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Most helpful reply

Taxduck(Taxicorn)Taxicorn
14 July 2024

Problem with this plan is that rental income is assessable income and needs to be declared on your tax return. Rent that you pay is a private expense, so can't be claimed as a tax deduction.

Only way for income not to be affected is to rent out your home for below market rates. Ownership deductions off that income can then only be claimed up to rent received.

Rental income you must declare | Australian Taxation Office (ato.gov.au)

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Most helpful reply

Taxduck(Taxicorn)Taxicorn
14 July 2024

Problem with this plan is that rental income is assessable income and needs to be declared on your tax return. Rent that you pay is a private expense, so can't be claimed as a tax deduction.

Only way for income not to be affected is to rent out your home for below market rates. Ownership deductions off that income can then only be claimed up to rent received.

Rental income you must declare | Australian Taxation Office (ato.gov.au)

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can I rent out my home and rent another place for the same amount of money to relocate? | ATO Community