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Airbnb TAX WARNING

by Dobbrick Financial Services on March 2, 2017 No comments

A debt crackdown similar to the recent robo-recovery Centrelink debacle which sent bills to thousands of Australians is now shocking Airbnb hosts and leaving them with fines worth thousands of dollars. The State Revenue Office is sourcing information from the Australian Tax Office and the public domain to match owners who Airbnb.

Those hosts who are making money from their secondary properties and not paying land tax are among some of those at risk.  These fines are being automatically generated and in some instances may not be applicable.  It is fair to note those those who are running their Airbnb as a business should pay tax, but it is the way in which these notices are being produced and the obscure laws surrounding the hosts and their guests on whether it is payable or not is the issue.

Each State carries its own laws and people need to be reminded that the minute they advertise their Airbnb property online they are entering into a business agreement and generating income.

Airbnb hosts who have received a letter should seek immediate specialist tax or legal advice and for those owners who are unsure about the current tax laws should seek advice in advance from the correct specialist.

For more on this, you can read a recent news article HERE

If you need information on this article or a matter regarding your financial situation, you can contact Dobbrick Financial Services Ipswich on 07 3281 1300 or Gympie on 07 5482 7828

The information provided (including taxation) here is general in nature and does not take into account your personal circumstances, particular investment objectives, financial situation or insurance needs; we therefore recommend you seek advice tailored to your individual circumstances before making any specific decisions.  We strongly suggest that you should not act on it without first obtaining professional advice specific to your circumstances. 

Dobbrick Financial Services and its advisers are Authorised Representatives of Fortnum Private Wealth Pty Ltd ABN 54 139 889 535 AFSL 357306 Australia Credit Licence No 357306 trading as Fortnum Financial Advisers.

 

 

Dobbrick Financial ServicesAirbnb TAX WARNING

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