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rent a house under company's name

Discussion in 'Accounting, Tax & Legal' started by chris_qld, 27th Dec, 2008.

  1. chris_qld

    chris_qld Active Member

    Joined:
    21st Jan, 2008
    Posts:
    44
    Location:
    brisbane
    I'm going to work in another city for several months. I wonder if I can rent a house there under my company's name so the rental cost can be treated as part of company's cost.

    Thanks in advance.
     
  2. Sacko

    Sacko Well-Known Member

    Joined:
    20th Aug, 2007
    Posts:
    69
    Location:
    Central Coast, NSW
    Alternatively, consider the LAFA (Living Away From Allowance) which turns your rent into a tax deductible expense - check out the ATO site for full details...
     
  3. Joe D

    Joe D Member

    Joined:
    10th Jun, 2006
    Posts:
    10
    Location:
    Perth

    No problem. One of my properties is often leased to various Companies on short to medium term leases.

    Joe D
     
  4. Rob G.

    Rob G. Well-Known Member

    Joined:
    6th Jun, 2007
    Posts:
    717
    Location:
    Melbourne, VIC
    Assuming you aren't deriving Personal Services Income ...

    The company can claim payment for your expenses.

    To the extent they would not have been deductible to you, there may be Fringe Benefit Tax for your employer.

    Alternatively, paying you a travel allowance for an extended period could be treated as a Living Away From Home Allowance fringe benefit.

    Cheers,

    Rob