Are you renting your spare room(s) using online platforms such as aribnb or stayz?
The ATO has just announced that it will be undertaking a new data matching program targeting taxpayers engaging with those online platforms to ensure those taxpayers are meeting their obligations when it comes to declaring income earned from those activities and to ensure expenses claimed against that income are eligible and substantiated.
According to the ATO over 2 million individual taxpayers declared rental income and/or expenses in their 2016 income tax returns.
The ATO says "There is an increase in people renting homes, apartments, units or rooms via platform sharing sites to generate income. The increased use of these sites means there is an increased risk of people not understanding their tax obligations when it comes to renting out part or all of their property."
Data covering the 2016/17 to 2019/20 income tax years will be gathered by the ATO from those online platforms, with the following key information being sought:
* Listing owner details such as name, address, date of birth
* Rental property address
* Listing dates, enquiry rates, conversion rates, price per night, minimum nights
* Payment options and banking details
* Payments received through those platforms
You can find the full ATO publication here:
If you have any questions and/or require assistance with completing your tax return(s), we are here to help - contact us today for an obligation free initial conversation.
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