Tax Essentials For Short-Term Home Rentals (May 25 Tax Update)

Relevant For:

Homeowners renting out their property via Airbnb or similar platforms.

Key Points:

• Declare short-term rental income clearly to the ATO.
• Partial loss of CGT exemption can apply when renting out your home.
• Keep detailed records of all rental income and deductible expenses.
• Deductions include platform fees, loan interest, utilities and cleaning.
• ATO actively audits short-term rentals through data-matching platforms.

Full Article:

With short-term rentals booming through platforms like Airbnb, many Australians are generating useful extra income by renting out part or all of their home. However, it's vital to understand the tax responsibilities that come along with these arrangements, especially given the Australian Taxation Office’s (ATO) increased scrutiny in this area.

Firstly,