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Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
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Re: no rental income from property, do I still to claim it for tax purpose?

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I'm moving into a new property as my new PPR, and will let my parents live in my current PPR. They don't have much money, so I'm not going to charge any rent to my parent but just let them to live in there. As this is my 2nd property, do I need to declare it as investment property? As I'm not going to charge any rental to my parents, literally there won't be any rental income from it. I'm not going to claim any tax deduction from it either. Do I need to declare anything or report anything about this property in my personal income tax return?

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Devotee

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The simple answer is NO. The fact that it is not an income producing property you are not entitled to claim any expenses or upkeep. It is similar to a holiday house that is used for private purposes, or for familial usuage. 

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Most helpful response

Devotee

Replies 0

The simple answer is NO. The fact that it is not an income producing property you are not entitled to claim any expenses or upkeep. It is similar to a holiday house that is used for private purposes, or for familial usuage. 

ATO Community Support

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Hi @CindyQ

 

@TheSage has put it well. If you see our information on Holiday homes as such it will give you some context what to expect.