If not, then you need to call me because the ATO are cracking down on those that have AirBnB’s and are not declaring their incomes.
One thing to note..DON’T TRY TO HIDE YOUR AIRBNB INCOME, it will come back and bite you believe me.
The ATO can track your income and if you’re not earning a lot of money from your AirBnB it doesn’t matter, you need to keep your records.
The ATO are cracking down on people who under-claim their rental income and this will lead you to pay back taxes, you will also incur new fines, penalties and even interest charges.
It’s not worth hiding your income.
In a nutshell, if you aim to host a room or rent your property then you must know the tax implications of becoming an AirBnB host. You cannot under-claim your AirBnB income and you need to make sure you keep every single expense receipt.
It doesn’t matter how irrelevant you may think it might be, you need to keep every single receipt that you have, no matter what the amount is.
Now if this sounds all too hard…then give me a call and I will sort your paperwork and make sure you claim all of your expenses so you can get the most out of those AirBnB tax deductions.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
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