Original article by Duncan Hughes
The Australian Financial Review – Page: 9 : 6-Nov-19
The Australian Taxation Office estimates that some property owners have undeclared income of more than $70,000 a year in earnings from short-term rental platforms such as Airbnb. This has contributed to an income tax shortfall of around $9bn. The ATO has used data-matching technology to compare income from tax returns with financial records provided by rental platforms. The ATO will write to home owners asking them to review their tax return, their income earned and the expenses they have claimed.
AUSTRALIAN TAXATION OFFICE, AIRBNB AUSTRALIA PTY LTD, STAYZ PTY LTD, HOMEAWAY.COM INCORPORATED, FLIPKEY, BOOKING.COM (AUSTRALIA) PTY LTD, IBISWORLD PTY LTD, BNBGUARD