I hold full title on our home, and my wife is not on the title. She runs a home based business using one of the rooms. The business is in her name.
Can we purchase home owner insurance in the business name, and will it be valid? I have a feeling it may not be, but wondering if there is a way around it.
Tnx
I know its off the topic. But i am more interested in knowing why OP wants to buy the insurance under his partners business. 🙄
because he wants us (the tax payers) to subsidise his home insurance
So how does him paying less extortion money to the government mean we have to pay more?
Is it because Zelensky needs more guns and ammo?
Is it because our great submarine deal will come in over budget?
Is it because the LBTQ'setc don't have enough political power? (https://www.starobserver.com.au/news/national-news/australia…)
And that's just the current tip of the iceberg.
Knowing how much government wastes on absolute crap that does not benefit the majority of the population I'd never begrudge anyone trying to keep some of their hard-earned money away from them.
(And besides, how often do the politicians give out tax money to subsidise private insurance companies? (wouldn't surprise me if they did mind you)
Something about shaking a sauce bottle.
So how does him paying less extortion money to the government mean we have to pay more?
Is it because Zelensky needs more guns and ammo?
Is it because our great submarine deal will come in over budget?
Is it because the LBTQ'setc don't have enough political power?
You forgot the …something something woke.
Why do you come across as being obsessed with LGBTIQ?
@CurlCurl: Umm, cos I mentioned them once and questioned why the politicians are giving millions of our tax dollars to further this political cause ?
Aren't we sensitive today.
So unless the article I linked to was incorrect in some way I'm not sure what you point is. Do you even have one?
@EightImmortals: questioned why the politicians are giving millions of our tax dollars to further this political cause ?
That' where you are wrong. It isn't a political cause. It's a human cause.
My favourite bit was where you managed to squeeze LGBT into your rant, along with a link (no links to other items), like it's somehow equal in government spending and tax burden as submarines or foreign aid.
Such a well rounded, totally not unhinged train of thought.
@SBOB: That's because even in normy-land most people are aware of those other abuses of taxpayer funds, the giving of millions to pump the Lgbt agenda was recently new, hence the link. It's not that hard to figure out really.
You're not yolking.
Mandatory, they ended up with egg on their faces.
You have to allocate expenses between business and personal use
Also query if the business has an insurance interest in the house beyond maybe a business interruption claim. It doesn’t own the house or have any financial interest in the house, so how can it insure the loss?
So would it be that I buy the insurance policy in my name. Lets say the business occupies one in four rooms. So I charge the business 25% of the premium as insurance cost. And that 25% becomes the business' cost which it can claim at time of tax filing?
Possibly. But you then have to declare that as income (although you probably can offset it against the equivalent cost ie you are earning an income - what you charge the business - but incurring costs in doing so - paying the insurance premium).
However, and probably more importantly, you may end up with CGT implications when you come to sell your home and the tax office says 'but 25% of your home was being used for a business, you said so in your tax returns, so you have to pay CGT on 25% of the capital gains'
There is nothing wrong with you charging the business for using your home or utilities or insurance etc. But that is income to you and it also has the CGT effect.
She runs a home based business using one of the rooms
You you better declare this on your 'home' policy.
Yes, of course
All you need to do is just have a Pty Ltd. Have the registered office at your accountant or wherever.
Then it won't matter if you are an employee of your own company, since WFH is allowed under (of all the ones I've checked) home insurance policies. Assuming you don't have a factory in your house, and aren't inviting clients over… Then again, do your own research and dont rely on anything i've told you lol
Can I have my wife pay some of my income tax ?
Yes.
What did an insurance broker or insurance rep say when you asked?
Surely it's better to ask someone who has actual information about the industry, rather than we punters who'll be taking a stab in the dark.