money money money 748b airbnb taxation, CGT exemptions, 6 year rule + money coaching with Erin Davis
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Nov 27, 2024 Erin Davis, an accountant-turned-money-coach, helps women gain financial confidence. She discusses the often-overlooked tax obligations of Airbnb hosts, including important record-keeping tips and implications of capital gains tax. Erin emphasizes the impact of renting a room on CGT exemptions and explains the six-year rule relevant to primary residences. Throughout, she shares her journey to empower women in business, highlighting the importance of mindset and personalized financial coaching.
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Declare Airbnb Income Annually
- Declare all income and expenses from Airbnb in your personal tax return yearly.
- Include it alongside wages or investment income to comply with tax regulations.
Maintain Organized Expense Records
- Keep invoices with supplier name, address, and details for all Airbnb-related expenses.
- Organize receipts yearly and summarize for easy accountant review and ATO proof.
Link Expenses Directly to Income
- Only expenses directly linked to income generation via Airbnb are deductible.
- Claims must show a direct connection to the rental activity to qualify for deduction.