fbpx

ATO has its sights on short-term rentals

For Individuals | Tax
August 20, 2018

Do you have a short-term rental property? A home, room, apartment or unit that you rent out for short holiday stays, an Airbnb, or temporary lodgings for students or family? If yes, the ATO probably has you in their sights.

According to the ATO, this year they will be using extensive data matching to find those taxpayers who receive income from short-term rentals. They’ll do this using information such as listing dates, enquiry and booking rates, prices charged or quoted per night from online platform sharing sites to find those taxpayers not meeting their reporting and tax payment obligations.

The ATO’s new data matching system now results in all agents asking all clients if they have, or have ever had, a short-term rental on any property that they own, even their own home. And for those who have rental properties and are already complying, they will find their tax return pre-filled with the relevant data.

You might like to familiarise yourself with the ATO’s rental property recommendations for expenses and allowances in general. If you’re unsure about you’re the implications of your short-term rental, or you would like to find out how to share your spare rooms tax free, chat with the experts today.

Your Link to Growth

A long time vision for us, Your Link to Growth reflects our approach and aspirations to assist our clients, staff and community to reach their goals. We do this through holistic and innovative financial solutions for businesses and individuals. Founded in 2004, we are a well established business based in Canberra and Brisbane.

Learn more about Nexis

Get in touch with Nexis

Talk to our friendly team today about all your tax needs.

Other news

Tax and Family Trust Laws 2023 Update

Tax and Family Trust Laws 2023 Update

2023 has seen some of the most significant changes to tax and family trust laws, and with 30 June 2023 approaching, we want to make sure you are aware of how these changes may affect you. Big changes to tax laws and family trust laws in 2023 The last 12 months have...

read more