Ask Mark Withers, director of Withers Tsang & Co questions relating to Tax and Asset Structures
Mark Withers and his team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.
I have recently bought a home and income property as a first home owner. It has two separate dwellings on the title. I stay in one and rent out the other to help to pay my mortgage. It has a seperate power and water meter. Do I still need to pay tax for the rental income? If so, how do I pay it please?
I am looking at a building that I would propose to have as a mixture of commercial and residential rental.
How would the income be assessed for GST? Would the commercial be GST and the residential No GST? And then - what about the outgoings re rates and repairs, etc in terms of GST claims?
I have moved out of my house and a tenant lives in it. I had to move to find work. Now I am a tenant myself and a landlord. I pay more rent than I collect. I am doing my tax return. How can I make this situation work for me?