Q:
Can Steven choose not to stamp his tenancy agreement if he rents out an apartment? If there is no official stamped Tenancy Agreement, is he obliged to declare his rental income?
A:
According to the Stamp Act 1949, all tenancy agreements have to be stamped. Even if the tenancy agreement is not stamped, as long as he is receiving rental income, he is supposed to declare the income for income tax purposes.
Q:
If Karen has no income for the year of assessment (i.e. no employment and other types of income), does she need to file her income tax return?
A:
If she has already registered for a tax file number, then yes, she needs to file her income tax return annually even she has no income. However, if she does not have any tax file number registered, then she does not need to file the income tax return.
Zen Chow
YYC Tax Guru
P.S. I've received a lot of tax questions, so now I am answering the frequently asked questions and sharing them with you weekly!
P.P.S. If you're liking these little tips, you can't imagine how much you'll get out of my course! View the course here: bit.ly/youaskzenlah