SearchGranny flat income
Greg asks:
(updated on Tuesday, January 22nd 2013)
We have a separate one bedroom, self contained 'granny flat' on our property (it doesn't have an oven). We currently rent it out for $190 a week. Do we need to declare this income?
Our Experts Answer:
Yes, you must declare the income where you are letting a flat attached to your home. You can choose one of two methods to determine the expenses you can claim. Either keep a recoprd of the actual expenses for the flat or keep a record of the entire costs of holding the property and apportion these based on the percentage by area rented out.
Most Read
| Unity First Home Buyer special | 4.09 |
| SBS FirstHome Combo | 4.19 |
| ICBC | 4.49 |
| Co-operative Bank - First Home Special | 4.55 |
| Kainga Ora | 4.59 |
| BNZ - Std | 4.65 |
| Co-operative Bank - Owner Occ | 4.65 |
| ASB Bank | 4.65 |
| AIA - Go Home Loans | 4.65 |
| TSB Special | 4.69 |
| ANZ Special | 4.69 |
| ICBC | 4.89 |
| China Construction Bank | 4.95 |
| Kainga Ora | 4.95 |
| Nelson Building Society | 5.09 |
| BNZ - Std | 5.19 |
| SBS Bank Special | 5.19 |
| Westpac Special | 5.19 |
| ASB Bank | 5.25 |
| AIA - Go Home Loans | 5.25 |
| TSB Special | 5.25 |
| Kiwibank Special | 5.29 |
| ICBC | 5.65 |
| Kainga Ora | 5.69 |
| Westpac Special | 5.79 |
| BNZ - Std | 5.79 |
| SBS Bank Special | 5.79 |
| Co-operative Bank - Owner Occ | 5.89 |
| ASB Bank | 5.89 |
| AIA - Go Home Loans | 5.89 |
| Kiwibank Special | 5.99 |
| TSB Special | 5.99 |
| China Construction Bank | 5.99 |
| SBS FirstHome Combo | 3.29 |
| AIA - Back My Build | 3.34 |
| SBS Construction lending for FHB | 3.74 |
| CFML 321 Loans | 3.95 |
| Co-operative Bank - Owner Occ | 4.99 |
| Co-operative Bank - Standard | 4.99 |
| Heartland Bank - Online | 5.30 |
| ICBC | 5.39 |
| Kiwibank - Offset | 5.75 |
| Kiwibank Special | 5.75 |
| Kiwibank | 5.75 |
