Renting out house with mates

Discussion in 'Legal Issues' started by lemaggot, 4th May, 2021.

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  1. lemaggot

    lemaggot New Member

    Joined:
    4th May, 2021
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    Ballina
    Hi,

    I've recently purchased my first block of land and construction will begin soon, I plan on living there for the first 6 months to get the 25k Homebuilder Grant while also renting it out with friends. I was wondering if there would be any legal issues with this plan? Such as would that disqualify me from the grant or do I need to declare the extra income for tax? I'm guessing it wouldn't be identifiable if I just had them paying me cash in hand weekly?

    Thanks all.
     
    lemaggot, 4th May, 2021
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    lots of legal issues, but as long as you live there you should qualify for the grant.
     
    Terry_w, 4th May, 2021
    #2
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