Taxation on Earnings from Online Accommodation Platforms_Get Up To Speed

Many of us use online platforms to find short-term holiday rentals, or to rent out a property for a little extra income.

But did you know that any rental income that you earn in this way has to be declared to the tax office, and if you earn rental income on your primary place of residence you may be liable for capital gains tax?

It is very important to be on top of this, particularly because the Commissioner of Taxation has recently announced a new data matching program between these platforms and the ATO.

They will be able to automatically collect data, including the bank details linked to your property rental account, for 2016-17 and 2019-20.

This means that the tax office will have a record of every individual who should have declared rental income earned through these platforms.

But don’t panic!

If you have used these platforms but have not previously declared the income, you can go back and amend your tax returns to include it.

The ATO might sound big and scary, but they will generally be understanding of a genuine mistake if you are taking the steps to correct it.

Our tax specialists can help you with this, and make sure that you know exactly what to do to declare this kind of income in the future.

Even with the best of intentions, tax compliance can feel like a minefield, but with support from the experts at Pherrus you can enjoy that extra income with complete peace of mind.

The Insights published on our website have been written by our professional staff strictly for educational purposes. Please note that the information and views expressed above do not constitute professional advice and are general in nature only.

Other Insights from Pherrus

  • Loans for Online Businesses Explained and Top Choices

    Loans for Online Businesses Explained and Top Choices

    Whether you’re a savvy online startup or a seasoned e-commerce seller, as a digital entrepreneur, you know that financial fuel is essential for your business to take off.  But cash isn’t always easy to come by! So we’ve got the lowdown on the top financing options tailored to online businesses like yours. What Is a…

  • NSW Workers’ Compensation Payout Guide

    NSW Workers’ Compensation Payout Guide

    Workers’ Compensation is a protection for employees, but it can be difficult to understand the system.  For example, do you know  When you’re entitled to a payout? How to file for workers’ compensation? How much of a payout you’re entitled to? How you’ll be paid? This workers’ compensation payout guide for NSW employees is here…

  • Streamline Payroll With Our Simplified Calculator

    Streamline Payroll With Our Simplified Calculator

    Are you tired of complex payroll calculations? Say goodbye to this headache thanks to our user-friendly payroll calculator that simplifies the process for you.  This calculator uses the latest Australian Taxation Office payroll formulas to help you efficiently calculate your employees’ wages, taxes, and deductions with less chance of costly errors, as manual calculations are…