[economist99]

Can anyone shed insight on income reporting from a landlords perspective? Before I had a family I had income from my job and rentals, then I had a lot of rental deductions, so paid minimal tax.

Now I am a single parent and I don't want the income from rentals reducing my CCB and FTB. Can I simply get my tenant to pay rent to my daughter instead of me, or to a company? Unsure of all the rules and the ATO website offers no help...

[Bek+3]

Unfortunately, regardless of whether you negative or positive gear your property, to Centrelink, it's all calculated as income. E.g. If you losses total $10k for the financial year, CL will ADD 10K to your yearly estimate.

I don't think you can have the rent paid to your DD or anyone else. This would be tax fraud!!

[casime]

Are you actually asking on a public forum for advice about how to commit fraud?

[deejie]

Now I am a single parent and I don't want the income from rentals reducing my CCB and FTB. Can I simply get my tenant to pay rent to my daughter instead of me, or to a company? Unsure of all the rules and the ATO website offers no help...

I am not surprised the ATO website does not offer advice on how to commit fraud.

[Overtherainbow]

Unless your daughter keeps the money, you would be creating tax fraud.

Speak to an accountant for the best, honest options for you.

Please don't rip off the system, your gain is Australia's loss.

[Becky Thatcher]

I am not surprised the ATO website does not offer advice on how to commit fraud.

I like the OP's username too.

[Funwith3]

Some people are so funny. This is commonly known as 'dodging the system'. Its illegal. Pay your taxes like everyone else!!

[deejie]

I like the OP's username too.

Yes I did see that. You would think such a person would be entirely capable of researching how to commit fraud by themselves without needing assistance from a public forum.

edit-spelling

This post has been edited by deejie: 14/12/2012, 12:25 PM

[CallMeProtart]

Go easy, the OP obviously didn't know it was fraudulent, now she knows.
OP, there's probably ways it could be 'structured' via companies or trusts that would make it not fall into your income, but you would need one of those super duper accountants to figure it out/set it up, and it would probably end up costing you more in compliance and accounting fees than you'd lose in benefits.

Typically only the very rich can afford to structure things in such a way as to avoid tax. It's one of the ironies of our system.

One question - do you own where you live? If not, selling your rentals and buying your own residence could end up being beneficial, but I'm not quite sure how it all works so don't quote me on that.

[bikingbubs]

Oh man what a good idea...why didnt anyone else think of doing that?!

oh yeah..thats right - its illegal!!!!