My neighbour is in corporate. She’s been helping me with my financial paperwork.
Apparently I can’t accept rent without an ABN (Australian Business Number).
And since my rental income is less than the threshold I don’t have to register for GST. Which means I can keep the whole amount and get taxed as an income.
Thus she advised me to get an ABN. Tie it to my tax account. I also have to check that my invoices are just invoices and not tax invoices. Which I’ve checked.
My receipts had to say GST exclusive , not GST registered and my ABN had to be on the receipts and invoices.
I’ve since applied. It was easy enough as I already had a previous ABN from our business so my application for the new one was accepted right away.
The thing is they still had me as a Mrs 😩 oh well. Can’t be helped.
I’ve also emailed hubby with an amendment for the lease to say the rent amount does not include GST for him to sign.
Also an updated receipt for him for the last 3 months.
It’s been a steep learning curve 😂 I swear I’m never going to be this sheltered again. It’s a rude shock.
One thing though I just realised she might be perfect for Mr Boardie. She consults as well. He’s hinted he might be interested so next time we go out he’s going to tag along 😂
I’m going to play match making. She’s 5 foot 10 he’s 6 foot 2 😂 she can’t complain he’s too short for her 😂