When you rent out all or part of your residential property through a digital platform, like Airbnb, Bookabach, Holiday Homes or any other property rental platform short-term, you:
- need to keep records of all income earned and declare it in your income tax return, subject to some limited income exemptions
- need to keep records of expenses you can claim as deductions
- may need to pay GST on amounts of rental income you earn from renting out your property short-term.
Special tax rules apply to calculating income and expenditure from short-term rental accommodation, also known as short-stay accommodation, depending on the type of property and its use.