My first post, just joined today. Yay!!
Hi all, I have a property with 4 bedrooms and I occupy one of them. I rent out two rooms. Property is in the name of family trust and I am the sole trustee (I Know!, a lawyer advised me recently that I should be reviewing this) I would like to keep everything straight so I am filing tax return for year ending Mar 2013 at that time property wasn't in the name of trust. I am showing the income from flatmates etc. My accountant says that for year ending 2014 trust will have to file the return and I would not get any benefits. I have few questions-
1. Year Ending 2013 when property was just in my personal name, can I claim some benefits like how you would for a rental property as I only occupy 1 room but pay Mortgage for the whole house, rates, insurance etc.
2. For year ending 2014, is there a work around or how should I go about it in future?
Any other advise is welcome as I am new to all this.
Thanks
Hi all, I have a property with 4 bedrooms and I occupy one of them. I rent out two rooms. Property is in the name of family trust and I am the sole trustee (I Know!, a lawyer advised me recently that I should be reviewing this) I would like to keep everything straight so I am filing tax return for year ending Mar 2013 at that time property wasn't in the name of trust. I am showing the income from flatmates etc. My accountant says that for year ending 2014 trust will have to file the return and I would not get any benefits. I have few questions-
1. Year Ending 2013 when property was just in my personal name, can I claim some benefits like how you would for a rental property as I only occupy 1 room but pay Mortgage for the whole house, rates, insurance etc.
2. For year ending 2014, is there a work around or how should I go about it in future?
Any other advise is welcome as I am new to all this.
Thanks
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