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The perils and pitfalls of renting out a room

If you thought renting out a room was a simple way to make money, you’ve clearly not kept up with Australia’s tax regime.

Man handing keys and rental agreement
It may seem an easy way to create a passive income, but there are tax-related consequences to renting out a room. Photo: Shutterstock

If you thought renting out a room was a simple way to make money, you’ve clearly not kept up with Australia’s tax regime. 

The only thing missing from the ATO’s mathematical paroxysms on the subject are some logarithms and a side order of fries. 

With people across the country looking for new ways to generate income as employment dries up and the economy submerges into a deep recession, some homeowners have turned to their biggest asset as a po…