erobertson

Anyone use Air B&B??

    Recommended Posts

    Hi all,

     

    Just wondering whether anyone uses AirB&B to rent out a spare room?

     

    Ive been considering it but can't figure out the legal implications!! We own our home, as opposed to renting.

     

    Thanks

    Share this post


    Link to post
    Share on other sites
    Hi all,

     

    Just wondering whether anyone uses AirB&B to rent out a spare room?

     

    Ive been considering it but can't figure out the legal implications!! We own our home, as opposed to renting.

     

    Thanks

     

    My accountant told me recently not to claim "office space and storage space (shed)" in my tax returns because that would be saying that I used part of the home to earn an income. When I checked on the ATO website it looked to me like what he was saying was right. (I am definitely not an expert and those things are hard to read - but if you are going to do it then get some good advice.)

    Share this post


    Link to post
    Share on other sites

    This is a question and not an accusation.

     

    How many people who rent their spare space on AIRBNB declare this to the Australian Taxation Office? I have properties listed on AIRBNB and these have been listed for while......AIRBNB does ask the owner 'have you notified your council and taxation office' and you have to declare that you have.

    For council compliance this is a minefield!

    For taxation purposes I completely agree with Toni...seek professional advice.

    Share this post


    Link to post
    Share on other sites

    Hi guys,

     

    Yes, these are the things that I've been mulling over too. There's also the issue of capital gains tax which is calculated as a percentage of the house used to earn income for a percentage of time. For the sake of a bit of extra cash it all seems a bit hard and it does make me wonder whether people declare everything as it's rather complex!

     

    I think I might just leave it well alone....

     

    Thanks

     

    Emma

    Share this post


    Link to post
    Share on other sites

    You have to be very careful as you need to have insurance to cover you incase someone renting from you has an accident. It's very hard to then not declare as you can't plead ignorance if you have liability insurance. And you'd be an idiot to risk everything by not having liability insurance.

    Share this post


    Link to post
    Share on other sites

    Create an account or sign in to comment

    You need to be a member in order to leave a comment

    Create an account

    Sign up for a new account in our community. It's easy!

    Register a new account

    Sign in

    Already have an account? Sign in here.

    Sign In Now