Have you considered your tax obligations as an airbnb host?
Extra income from your airbnb business will result in more taxes for you. But also you will be able to claim business-related expenses when you are running it as a business.
You can claim expenses such as,
- Internet and phone costs
- Water, power and council rates
- Upkeep and repairs
- Depreciation on the cost of furnishings and equipment
- Interest on your mortgage
Download Airbnb’s official guide to taxes in Austrlaia here > https://assets.airbnb.com/help/airbnb-pwc-taxguide-australia-en.pdf
Be careful when it comes to GST. There is a popular misconception that airbnb income is residential income hence you don’t need to register for GST even if your income exceeds $75,000 per annum.
But according to airbnb’s tax guide and ATO, short term holiday rental will be classified as commercial accommodation and should be registered for GST if your income exceeds $75,000 per year.
For more information give our team at SPS Business Consultants a call on ☎️ (03) 9904 9261.