The tax man knows if you're being dodgy about declaring Airbnb biz
Even the taxman has the internet, so it's best not to hide all that cash you earned on Airbnb.
To help hosts figure out the confusing world of taxation, Airbnb has teamed up with accountanting firm H&R Block in Australia. As well as discounted services, H&R Block will offer users of the home and room rental service educational materials and tips for ensuring their taxes are done right.
Announced in November, and first reported by Fairfax MediaMonday, the Australian program follows a similar initiative in the U.S. that began in January.
SEE ALSO:Airbnb ad touts new anti-discrimination pledgeH&R Block wasn't able to share the details of the Australian discount with Mashable. In the U.S., however, H&R Block offered a $20 discount on in-person tax preparation and a 35 percent discount on online tax preparation services.
"Airbnb hosts are overwhelmingly everyday Australians who want to pay their fair share of tax, and we want to help," Sam McDonagh, Airbnb Australia country manager, said in a statement emailed to Mashable.
"We're thrilled to partner with H&R Block to make it easier for hosts to pay their taxes and contribute to their communities -- an important part of our ongoing work to support hosts and make communities stronger and more sustainable."
In May 2015, the Australian Tax Office (ATO) issued guidelines about how it would treat income earned via the so-called sharing economy.
"They are now looking quite hard at people earning income from sites like Airbnb and Uber."
Uber drivers weren't happy with the results -- they had to register for a 10 percent Goods and Services Tax (GST) -- but Airbnb did a little better.
Hosts don't have to register for the GST, but they are required to declare what they earn as assessable income on their tax return. There are also a myriad of rules about deductions, and potentially, capital gains tax if you sell a home you rented out on Airbnb.
Mark Chapman, director of tax communications at H&R Block, warned the ATO could easily track down those with rooms or homes on the service.
"They are now looking quite hard at people earning income from sites like Airbnb and Uber. They have the power to go to properties to check them out and they can also match tax returns to public listings on Airbnb," he told Fairfax Media.
While the tax situation of hosts is relatively clear, the actual legality of renting out a home on Airbnb varies state to state and council to council.
In October, a New South Wales government inquiry recommended the service be only lightly regulated in the state, although critics have suggested not enough is known about the impact of Airbnb on Sydney's rental costs and availability.
TopicsAirbnb
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