The surge in the residential property market continues to attract buyers and sellers, many involving the family home. This article considers the common myths and misconceptions when it comes to being eligible for the main residence exemption.
One changes in this area.
A director identification number (director ID) is a unique identifier you will keep forever. It will help to prevent the use of false or fraudulent director identities.
The ATO has long held firm on the principle that rent payments (being a form of occupancy costs) are generally outgoings “of a private or domestic nature” and therefore not deductible, even where part of the rented home is used as a home office. However, it has been accepted that in some circumstances, a rent deduction may be claimed if a part of the home is used exclusively for income-producing activities and there is no alternative place of business provided by the taxpayer’s employer.