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Renting my property to a family member

Newbie

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Hi I own a house which is my primary residence (home) and my dad lives here with me as well he pays me rent $300 each week is it classed as rent or boarding I'm selling my house and want to know if I need to pay CGT
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Most helpful response

Former Community Support

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Hi @Tristenhobba,

 

Thanks for reaching out.

 

If you use your main residence to earn income, for example by renting out a room on a sharing economy platform, you will no longer eligible for the full CGT exemption on that main residence. You will lose a portion of your main residence exemption based on the floor area rented out, and the length of time it was rented.

 

There is further information about How capital gains tax applies and Using your home to produce income on our website.

 

I hope this helps.

1 REPLY 1

Most helpful response

Former Community Support

Replies 0

Hi @Tristenhobba,

 

Thanks for reaching out.

 

If you use your main residence to earn income, for example by renting out a room on a sharing economy platform, you will no longer eligible for the full CGT exemption on that main residence. You will lose a portion of your main residence exemption based on the floor area rented out, and the length of time it was rented.

 

There is further information about How capital gains tax applies and Using your home to produce income on our website.

 

I hope this helps.