Typically, where the entire property is rented out, all of the costs involved in running the property will be deductible. You can claim tax deductions for all expenses which are incurred in deriving your rental income. The ATO may attempt to argue you're not charging a commercial rent, particularly if you're making a loss on your Airbnb venture. The income that you get from your Airbnb rent will normally be deemed assessable, given that the property is advertised to the public online. This means the complex rules around business taxation aren't relevant to you. Although you're generating income from Airbnb, you're not running a business. What we mean by small is that you're letting out one or two spare rooms in your own private residence. If you run your Airbnb in a small way – we're talking to you. With all the recent chatter about the sharing economy, tax professionals have been coming to terms with how Airbnb transactions are taxed. As a landlord, you set the price and conditions while guests get a personal touch and insight into the area. By matching property owners with potential guests, it's an alternative accommodation renaissance.
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