My parents giving us 250 dollars a week for their share. Is there any tax implications?
My Parents Living in Our Place and Sharing Expense
Mrokire on 16/01/2021 - 14:38
Comments
How do you know
You ask a question because you don't know, and someone who does know you question?
It's not income, it's board and lodging.How do you know
Because he knows more than you do
You except money from your parents?
No. They just want to help for the food and utilities
You
exceptaccept money from your parents?
Read here https://www.ato.gov.au/General/property/your-home/renting-ou…
Note that payments from a family member for board or lodging are considered to be domestic arrangements and are not rental income. You can't claim deductions for expenses in these circumstances.
No. And who would tell the tax nazis anyway? Are you THAT domesticated?
No, unless you include it as income in your tax return and why would you do that? The government has enough of their grubby hands on our money, no need to hand them more…they are incredibly inefficient and ineffective at spending it.
Username does not check out.
Give it back to them. They raised you.
That's a nice idea, or save it up and give it back when they move out, if their goal is to get in a place of their own again.
Why not keep it. Children can't choose parents.
OP has four posts with limited information. How is this not a troll account?
Im not a troll
OzB
personal journalforum, thinking out loud, post it and see if others can read an OP’s mind.
Yes you will be taxed on that as income from rent.
They told me no
It's not rent. It's board. It's no different from when I paid my Mum & Dad 20% of my after tax pay when I was an apprentice
income
If that's the case then go nuts with deductions.
The ATO says otherwise.
https://www.ato.gov.au/General/property/your-home/renting-ou…
For all they've done, least you could do is allow them to live for free.
No.