The tax office varies the exemption on a pro rata basis
Measure is you going about it in a business like way? If the room is available for rent, then income is income. General manager Simone Gielis said the only exception to having to declare Airbnb income would be your total income from all sources is below the $18,200 tax free threshold from the first dollar is considered taxable income, Ms Gielis said.The one thing Airbnb hosts don need to worry about is registering for GST, as residential accommodation is exempt. Uber drivers must pay GST on every dollar.Property owners who rent out their spare room may also be unaware that they risk losing their capital gains tax exemption when they eventually sell up.The tax office varies the exemption on a pro rata basis, depending on the amount of floor space rented out and the length of bookings.Mr Drum said anyone planning to become an Airbnb host needed to factor this into their financial modelling, and work out whether the venture would be worth it in the long run.On the upside, he said, hosts could claim deductions for expenses incurred throughout the year if a property was listed on Airbnb the whole time even if they only got one or two bookings.How to contact your Airbnb host0:59Paul Hart, a longtime Airbnb host who runs a peer support group for thousands of fellow hosts in Melbourne, said tax avoidance was a problem his community was determined to stamp out.hosts have said a bit of money on the side and I always tell them tax man is going to want to know about it.
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