Accommodation

Accommodation

Cambrian Hill Accounting Ballarat has experience in offering Accounting and Tax services to Individuals and Businesses in the Accommodation Industry.  Examples include Short-term, Holiday apartments, Motels and Bed & Breakfasts.

Many property owners are now involved in the Short-term accommodation market by using providers such as AirBnB & Stayz.  Any income received must be included for tax purposes, even if it is only a room in your own house.  If you are renting out part or all of your Principle Place of Residence then consideration needs to be given to Capital Gains on the eventual sale of the property.  

Record keeping is also important, particularly for those new entrants in the Short-term stay area.  Detailed records of income and expenses including invoices are required to declare the correct amounts in your return.  They also must be available if the return is reviewed by the ATO.

Income tax and GST differ depending on whether the property is a residential rental or if you are considered to be running an enterprise renting out residential premises.