Comments on: Streamlined rules for Airbnb in New South Wales https://www.bmtqs.com.au/bmt-insider/streamlined-rules-for-airbnb-in-new-south-wales/ Latest property and investor news Thu, 19 Dec 2024 20:42:17 +0000 hourly 1 https://wordpress.org/?v=4.2.38 By: BMT Team https://www.bmtqs.com.au/bmt-insider/streamlined-rules-for-airbnb-in-new-south-wales/#comment-3072 Tue, 13 Dec 2016 05:29:34 +0000 http://bmt-insider.bmtqs.com.au/?p=23061#comment-3072 Hi Con,
Thank you for your feedback and it’s great to hear that you enjoyed our article.
We would definitely recommend speaking with an insurance company to discuss a policy which covers you in case of injury or damage occurring to the property. A specialised policy for owner occupiers of short term and holiday rental accommodation may apply. Your insurer should be able to provide further advice on this. Airbnb do offer a form of insurance for hosts called the Host Guarantee. This does not take the place of traditional homeowners or renters insurance. It is recommended that Airbnb hosts interested in buying such a policy speak with their current insurance provider first to see if the plan might interfere with any existing policies.
No doubt the rise of Airbnb could have an impact on the hotel market and this has drawn quite a bit of criticism lately. However, supporters of Airbnb argue that they target a completely different market and type of traveller (budget travellers as opposed to business travellers, for example). It will be interesting to watch this space to see how this affects their price offerings in the future.
Owners of any income producing property are required to report any earnings received on their income tax. It is recommended to speak with an Accountant to discuss deductibility of expenses incurred such as interest, rates, repairs and maintenance and insurance.
A Quantity Surveyor can also provide a depreciation schedule which outlines the deductions which can be claimed. This can be pro-rated for the period the property was income producing. Please don’t hesitate to contact one of our expert team on 1300 728 726 if we can assist with any further information.
Best regards
BMT Team

]]> By: Con Diakos https://www.bmtqs.com.au/bmt-insider/streamlined-rules-for-airbnb-in-new-south-wales/#comment-3051 Wed, 07 Dec 2016 07:07:08 +0000 http://bmt-insider.bmtqs.com.au/?p=23061#comment-3051 Hi BMT Team,
Always enjoy your commentaries.
Are there any recommendations to date that cover scenarios such as:
– a guest is injured. Is a special insurance policy required to consider carrying on a business at the property?
– the accommodation is damaged. Is a special insurance policy required as above?
– the accommodation is cheaper than hotels etc because the overheads are much lower, or non existent. How will they make this a level playing field?
– Income tax implications.
– Deductibility of expenses.
– Potential to abuse expenses, personal use.
– CGT implications whilst carrying on a business at the property.
– ATO would not want to miss out on it’s cut of the income. Especially since it will be receiving lower taxes from hotels etc due to their lower profits.

Keep up the good work.

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