I stumbled on this "Future Rent" product that allows you to get your rent prepaid...this is very interesting for someone like me with no loan approval, as I could get $200k yearly rent in advance to purchase a nicer place...or at least cover my stamp duty Just a bit confused at this Commisioner of Taxation 20 page PDF ruling. If I accessed this product, would I continue to just do my normal tax return.... or does it affect how I claim rental income?! If rental income is converted to a loan....this might have an interesting effect??
When is the rent derived? When received or apportioned over the term of the lease? What does the ATO say in the ruling? Either way you would still do a normal tax return.
