If you are an Airbnb host in Australia, you will need to declare your Airbnb income on your tax return. The way you report your Airbnb income will depend on whether you are running a business or simply renting out a room in your home.
If you are renting out a room or a portion of your home on Airbnb and your income is less than $75,000 per year, the ATO considers it to be a hobby or a side gig. In this case, you will need to declare your Airbnb income as «other income» on your tax return. This income will be taxed at your marginal tax rate.
If you are running an Airbnb business, which means that you are renting out multiple properties or rooms and your income is more than $75,000 per year, then you will need to register for an Australian Business Number (ABN) and GST (Goods and Services Tax) with the Australian Taxation Office (ATO). You will need to report your Airbnb income and expenses on your Business Activity Statement (BAS) and your income tax return.
When reporting your Airbnb income on your tax return, you should include the total amount of income you received from Airbnb, including any fees charged by Airbnb. You can also claim deductions for any expenses related to your Airbnb rental, such as cleaning fees, utility bills, and other expenses related to running your rental.
It is important to keep accurate records of your Airbnb income and expenses throughout the year, so you can accurately report your income and claim all applicable deductions.
In summary, if you are an Airbnb host in Australia, you will need to report your income on your tax return, either as «other income» if it’s a hobby or a side gig, or as business income if you are running an Airbnb business. It is important to keep accurate records of your income and expenses and to seek advice from a tax professional if you are unsure about your tax obligations.