Thanks for all the great info so far, it has helped.
We are contemplating going on holidays in the Sept/Oct school holidays (Aust) for 3 weeks and were thinking of listing our entire house on airbnb? We live in a great location, 1 street back from beach, close to local shops etc. I’ve had an appraisal and from an external company and am happy with the price per night given. Just after hints and tips and things to be wary of? Any advice is greatly appreciated.
I wouldn’t make your first Airbnb rental experience one that happens while you are gone and with your personal home. Too much could go wrong.
I rent a suite that is part of my home. It has a separate entrance. In the past two years I have had nothing but trouble while I’m gone. I will block off my calendar even if I leave for the weekend.
What about listing it with a local property manager for those two months? That way you have someone on site to oversee things.
Ok, thanks. I will look into it.
You are aware of your loss of principal place of residence tax exemption once you start earning an income from your home and the tax payable on the rental income?
For a one off like that I would save myself a lot of angst and find a local manager who can take care of the whole shebang (for 20% of course!). Don’t go for the cheapest and see if you can find someone local who can recommend someone they used. Then enjoy your holiday!
Thanks very much, seems to be the safe option.
My brother in law works for the ATO. What with government cutbacks their limited focus is on putting effort into tax avoidance where they can get a high return. I declare my income from AirBnB to Centerlink and get a reduction in my DSP, which is fine. I keep my total income under $20k so I am not in violation of the ATO for not declaring it. I’m not too worried if I sell my place in the future and they ask me to pay CGT on the portion I rented out, I don’t think it will happen.
ATO staff are being hassled for taking too long at lunch, they are not the most motivated people to come after the little people like us.
Hosts have to make the decision for themselves of course but I wouldn’t lose sleep waiting for them to put 1 and 1 together and make 2.
Lol I love these ATO comments. Hilarious!!!