Expert Advice with Tyron Hyde
By now you have probably heard that the Australian Taxation Office (ATO) is putting Airbnb owners ‘on notice’.
Airbnb has emailed owners warning them that their details have been shared with the ATO.
I suspect that there might be a few ‘Nervous Nellies’ out there – those who haven’t declared the income they have been receiving by letting out their properties (or part thereof).
I also suspect that if the income received hasn’t been declared then any allowable deductions will probably be missing from their tax returns as well.
Remember, if you have been renting out an investment property on Airbnb, you might also be entitled to claim depreciation.
This could equate to thousands of tax dollars saved per year, and this may help offset any potential liability should the ATO come knocking.
Under the new laws, however, it does get a little tricky in cases where you rent out part of your home or stay in your holiday home several times a year.
It can still be a worthwhile exercise. If you find yourself in this situation, please give us a call for some free advice as to whether a depreciation schedule is suitable and worthwhile for you.
Tyron Hyde is the CEO of Washington Brown and is considered one of Australia’s leading experts in property tax depreciation. He is also a registered tax agent. Washington Brown manages construction costs worth over $2 billion and completes 10,000 schedules annually. For a depreciation schedule quote CLICK HERE and follow the 3 simple steps or estimate your depreciation cost.
The Washington Brown Free Depreciation Calculator will give you an estimate of the depreciation deductions you could claim on your investment property
Read more Expert Advice articles by Tyron
Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property. Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.