Airbnb is a popular way of making some extra money. However, there are tax issues that arise.
The ATO are targeting Airbnb hosts who are not declaring their income and not paying their fair share of tax.
Airbnb income needs to be declared in your tax return. However, you can also claim a portion of your property costs to offset your tax. Examples of costs you can claim are rates, water, insurance, repairs, mortgage interest, phone and internet.
You may also be liable to pay capital gains tax when you sell your property.
So if you are an Airbnb host and don’t want the ATO chasing you for unpaid tax, make an appointment with one of our Airbnb tax specialists now. We can help you out and tell you what you need to do to keep it simple and easy.