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Cotter Accountancy
07 3333 2510

Centrelink: Changes to the pension assets test from 1 January 2017

25/10/2016

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On 1 January 2017, there will be changes to the assets test that Centrelink uses to calculate pensions. The rebalance of the assets test may affect your payments.

Payments affected by these changes
These changes may affect you if you get:
  • Age Pension
  • Carer Payment
  • Disability Support Pension
  • Widow B Pension
  • Wife Pension

​Click here for further details and to be taken to the Centrelink website.
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ATO: Renting out a room is rental income

19/10/2016

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Money you earn from renting out a room in your house is rental income. This applies to rooms rented by traditional means or through a sharing economy website or app [e.g. AirBNB].

You can only claim expenses related to the part of the house you rent out and you need to apportion the expenses accordingly. However, you can claim 100% of any fees or commissions charged by the rental facilitator or administrator.

The ATO has examples to help you understand how claiming deductions works when renting rooms, or your main residence on an occasional basis.

Capital gains tax may also apply if they sell property used to generate rental income.

For further details click here.
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Can we help?

19/10/2016

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Its not until you are ripping your hair out and you have completely lost all hope do we find out that its possibily something we can fix.

​If you are doing something in your accounting system that feels mundain or repetative or just plain painful - let us know the issue and we might have a remedy to save your sanity.

​Happy hump day :)
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