Residential Tenancy agreement
 

Kids,

Basically I have a housemate that lives with me and also works for me. He is up North most of the time so the rent is only $100 / week and all is good.

Basically I have been shipped up north aswell for near on three months. Hence my main address is no longer my house in Perth.

Given how horrendous my mortgage is and how little old mate pays in rent figured it would be a great opportunity to claim 3 months of negative gearing.

Only issue is that I never bothered to get him to sign a rental agreement because he was only meant to be there for a couple of weeks. That was four months ago.

So. I need an extremely basic rental agreement for a fully furnished house. If I make it too hard old mate wont sign it and will think I am trying to do something shifty in relation to him which I am not...

Does anyone know where one could procure this?

Cheers

Brendon

Standard Reiwa agreement - probably have to go in to Subiaco to pick up a copy. Put any requirements in the special conditions.

[QUOTE=EXPLICIT;482425]Standard Reiwa agreement - probably have to go in to Subiaco to pick up a copy. Put any requirements in the special conditions.[/QUOTE]

you can download it off the net i think. Maybe i can delete a heap of the bullshit and then re write it? I should of got him to sign it at the beginning and it would of made life a lot easier now...

Brendon

Some good info here

[url]http://www.docep.wa.gov.au/ConsumerProtection/content/real_estate/renting_and_tenancy/Landlords/index.htm[/url]

Hey mate, agree with EXPLICIT reiwa has a lot of that sort of stuff, but they arn't the friendliest people :(

EDIT: scratch that here you go

[url]http://www.commerce.wa.gov.au/ConsumerProtection/PDF/Forms/Form_24A_Fixed_Term_Tenancy.pdf[/url]

a periodic lease may work out better for you rather than fixed

[url]http://www.docep.wa.gov.au/ConsumerProtection/PDF/Forms/Form_24B_Periodic_Tenancy.pdf[/url]

As above, just use the standard govt Form 24 documents.. they're water tight.

you can also go to the post office as they have some..
i have my boarders sign a boarders agreement (cos i live there as well) as it technically not renting off you they are boarding

[QUOTE=Jess84;482463]you can also go to the post office as they have some..
i have my boarders sign a boarders agreement (cos i live there as well) as it technically not renting off you they are boarding[/QUOTE]


this is my issue aswell.

I will go to the post office tomo.

Cheers

Brendon

Like Jess84 pointed out the Residential Tenancy Act doesn't cover you if your living IN the house, if that were the case you would have to write up something on a board/lodging basis. However if you arn't living there make sure to base it around the RTA, as the legislation around boarding is pretty light and doesn't protect you a whole lot.

[QUOTE=crankin91;482469]Like Jess84 pointed out the Residential Tenancy Act doesn't cover you if your living IN the house, if that were the case you would have to write up something on a board/lodging basis. However if you arn't living there make sure to base it around the RTA, as the legislation around boarding is pretty light and doesn't protect you a whole lot.[/QUOTE]

I am pretty comfortable from the whole him ripping me off angle because I will just fire him.

It was more so that if the ATO come knocking on my door asking why I was claiming so much negative gearing then I could say the truth and have the paperwork to back it up.

Brendon

ATO are most unlikely to want to see a rental agreement. It's not a bad idea to have one so write it yourself based on the usual sources and keep it short to keep the housemate happy.
Same for receipts - but keep them anyway. A receipt must state- who paid, when, how much, what for, what dates are covered by a rent payment.
Memo: if your house is or was a rental it is subject to capital gains tax when you sell. A few months of neg gearing may not be worth the cap gains tax.

[QUOTE=urabus;482417]Only issue is that I never bothered to get him to sign a rental agreement because he was only meant to be there for a couple of weeks. That was four months ago.[/QUOTE]

Possibly a bit more complicated then that bud.

- Is the existing $100 being reported;
- What percentage of the property is income producing;
- Possible CGT exposure;
- Arms length transaction

List goes on, just some food for thought.

Cheers,

If he has been living with you for more than 6 months, he could claim a gay de-facto relationship and take half your house :D

[QUOTE=mARC;482482]Possibly a bit more complicated then that bud.

- Is the existing $100 being reported;
- What percentage of the property is income producing;
- Possible CGT exposure;
- Arms length transaction

List goes on, just some food for thought.

Cheers,[/QUOTE]

No the existing $100 is not reported.
How is the percentage of property income relevant? i.e. he is effectively the sole tenant for a period of 3 months.
i did not think the gct exposure would be an issue because I will be moving back in there for years to come.
what do you mean by arms length?

Can you claim negative gearing even if you are living there but renting 50% of the house out?

Cheers

Brendon

Hey mate, best to get some advice on this so its set up properly and you receive all possible benefits of negative gearing.

Just remember there are short term and long term issues to take into consideration.

Its not as easy as getting a generic rental agreement and throwing some figures into a tax return to possibly reduce any future income tax liability.

A more informed decision is a better decision ;)