Rental income

The income you earn from renting out your property on Airbnb is generally considered taxable income and must be declared on your tax return. This includes both the rental income you receive and any additional fees charged to guests.

Goods and Services Tax (GST)

If your annual turnover from your Airbnb rental exceeds the GST threshold, you may need to register for and pay GST on your rental income. GST registration comes with additional reporting requirements and obligations.

Deductible expenses

You can claim deductions for expenses directly related to your Airbnb rental business. This can include property management fees, cleaning and maintenance costs, advertising fees, insurance premiums, utility bills, council rates, mortgage interest and depreciation on property assets. It’s important to keep very accurate records of all expenses for your AirBnB short stay rental business.

Capital Gains Tax (CGT)

If you sell your property that has been used for Airbnb rentals, you may be liable for Capital Gains Tax on any profit you make. However, if the property is your main residence and you also let it on a short stay basis, you may be eligible for a partial exemption from CGT – seek professional advice from a tax professional or accountant.

Dividing expenses

If you use your property for both personal use and as an Airbnb rental, you will need to apportion the expenses between the two uses. You can only claim deductions for the part of the expenses that relate to the rental activity.

Record keeping

It’s important to keep accurate records of your rental income and expenses. This includes keeping receipts, invoices and documentation of rental agreements. Good record keeping will help you prepare your tax return and in the event of an audit.

Seek professional advice

Tax laws can be complex, so it’s a good idea to consult a tax professional or accountant who specialises in the short term rental market. They can provide tailored advice based on your specific circumstances and help you optimise your tax position.

Tax laws are subject to change

It’s important to note that tax laws are subject to change, so it’s essential to keep up to date with the latest regulations and seek professional advice to ensure you meet your tax obligations as an Airbnb host in Australia.

Best Gold Coast Airbnb Cleaning Companies – Holiday Property Service

Take a break from the burden of cleaning and entrust us with the comprehensive management of your AirBnB short stay rental’s cleanliness. Holiday Property Service provide Sunshine Coast holiday rental cleaning services in the short stay rental market on the Sunshine Coast, as well as Gold Coast Coast holiday rental cleaning services throughout southeast Queensland, including Brisbane and Toowoomba.

Contact Us

Contact us today to discuss your AirBnB holiday accommodation cleaning and short stay hire linen requirements, as well as your need for AirBnB guest accommodation supplies:
1300 477 937 or hello@holidaypropertyservice.com.au