The Commissioner on Taxation has released an announcement.
A data matching program between the Australian Taxation Office (ATO) and online accommodation platforms will commence soon.
All information (including bank account details) linked to the online accommodation accounts will be collected by the ATO for the 2016/2017 to 2019/2020 income years. The Commissioner will then come up with a list of individuals who have declared rental income during those years.
If one earns from his principal place of residence, his payables on the eventual sale may include a capital gains tax.
- Those who wish to know all the taxation consequences of using an online accommodation platform may contact the ATO.
- Those who have used these platforms in the past may have to amend their tax returns to declare their income. It’s important to realize that it is best to inform the ATO right away so that they can start processing the issue.
“The Australian Taxation Office generally looks favourably on individuals who have made a genuine mistake”