Do I need to pay tax when hosting?

[Ana1782]

Hi everybody!

I have research about the tax payment when hosting, but to be honest I didn't get it 😛

If anybody knows how tax apply on the renting of my spare room, or the entire place, please let me know.

I will not rent it too often, but I just don't want to get in trouble for it.

Thank you.

Ana

[Kath9]

@Ana1782, yes you do. The ATO website has clear information on this. You will also need an ABN if you havent already got one. You will need to declare your income from Airbnb at the end of the tax year (which you can download from the Airbnb website) and then you can claim deductions against this for power, water and other expenses. There is a calculation based on the ratio of room size to the size of your house. If youre confused, you can phone the ATO - I've always found them very helpful and they can guide you through the process. 

[Ana1782]

Hi Kath,

Thank you so much for the hands up. 

I also heard that if you are renting the  property, I will need  a statement form the owner or real estate allowing to do airbnb, is this correct?

Thank you again.

Ana