I own a small apartment and am moving overseas for a few years. My plan is to have my brother stay there and pay me a nominal monthly amount below market value. He will however pay all the running costs like electricity, gas, etc. Would this qualify as a Domestic Arragment and would I have to declare the money I receive as income?
Hi @VdS,
If you have a family member live at your property only covering their expenses, generally you wouldn't need to declare this as income. However, if you're receiving rental income and wanting to claim deductions, you would need to declare this. When the rent is lower than commercial rates, you're limited in the deductions you can claim.
We answered a similar post on our forum, you can view our response here.
Hi @VdS,
If you have a family member live at your property only covering their expenses, generally you wouldn't need to declare this as income. However, if you're receiving rental income and wanting to claim deductions, you would need to declare this. When the rent is lower than commercial rates, you're limited in the deductions you can claim.
We answered a similar post on our forum, you can view our response here.
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