I am 65 and retired. I’m looking at renting out my property and buying into a retirement accommodation. Would I have to pay any tax from the rental income.
Cheers. RM?

Hi Ros,

yes you will: however you also will able to claim your expenses in relation to deriving this income: eg rates, insurance, repairs, depreciation etc etc.

You will also potentially be up for some capital gains tax when (or if) you sell your home. Its a complex area so you need to make sure you keep very good records on when the house became a rental property.

Track yourself down a good accountant, CA or CPA and get them to go through it all with you. Its a minefeild especially if you have Age Pension or DVA payments to take into account

good luck

BC