Marsh & Partners’ Post

🚗🏠 Side hustle on Uber or Airbnb? The ATO is watching! New reporting rules for sharing economy platforms are in effect. Learn what this means for your tax return and how to stay compliant. Don't get caught out! 🧾 https://hubs.la/Q02HLBn40 🚗🏠🧾 #SharingEconomy #TaxCompliance

As an Airbnb host, leveraging the Short-Term Rental (STR) tax strategy can significantly boost your returns 🚀 However, it's crucial to understand and follow these key steps to ensure compliance and avoid costly mistakes. So how do we do that? 🤔 ⚒️ Actively manage your property to meet material participation requirements ⏰ Log hours spent on property management tasks 📂 Maintain detailed records of your involvement and that of others Are you making these common #STR tax mistakes?: ⤵️ Relying on property management companies 👉 this can disqualify you Inaccurate time tracking 👉 this can lead to disallowed deductions Inflated or poorly documented activities 👉 this can result in audits and penalties At Shared Economy Tax & Advisory, we specialize in helping #Airbnbhosts navigate these complex tax strategies. Our team ensures you maximize your tax benefits while staying compliant. Protect your investment and secure your financial future. Reach out to us today! #airbnbhosts #shorttermrentals #vacationrental #str #rentalproperty #propertymanagement #realestateinvesting #realestateinvestors #taxplanning #rentalincome #airbnbsuccess #realestatetips #passiveincome #investmentproperty #hosttips

Understanding Taxes in the Platform Economy Navigating the world of taxes can be challenging, especially in the ever-evolving platform economy. Whether you're ridesharing, renting out property, or even influencing on social media, it's essential to stay informed about your tax obligations. Sharing Economy: If you're earning through ridesharing platforms like Uber or Lyft, or renting out space via Airbnb or VRBO, make sure you report all your income, including tips. Don't forget to claim any expenses related to your earnings. GST/HST: For both ridesharing and short-term rentals, the goods and services tax/harmonized sales tax (GST/HST) applies. Be proactive about registering, collecting, and remitting these taxes to the Canada Revenue Agency (CRA). Income Type: Understand whether your rental income is considered rental income from property or self-employment business income. The classification affects how you report it on your tax return. Stay compliant and maximize your tax benefits by keeping detailed records and seeking professional advice when needed. Contact us for more detailed information, we are here to help. #Accounting #TaxAdvice #PlatformEconomy #SharingEconomy #GigEconomy #Taxes #Ridesharing #AccommodationSharing

Earned an income from the sharing economy? It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return. Since 1 July 2023, the platforms delivering ride-sourcing, taxi travel, and short-term accommodation (under 90 days), have been required to report transactions made through their platform to the ATO under the sharing economy reporting regime. 2023-24 is the first year that the ATO will have the income tax returns of taxpayers to match to this data. All other sharing economy platforms will be required to start reporting from 1 July 2024. This reporting regime, combined with the ATO’s data matching programs, mean that if income is not declared, it’s likely you will receive a “please explain” request from the regulator. #taxcompliance #taxreturns #smallbusiness #sharingeconomy #incometax #hemisphereaccounting

Airbnb hosts, it's time to discover valuable tax deductions! 🏡 Whether it’s maintenance, utilities, or even depreciation of furniture used in the rented room, there are plenty of expenses you can claim to reduce your taxable income. Our latest guide covers the essential tax tips and deductions that every Airbnb host should take advantage of to maximise their tax refund. Visit https://bit.ly/4ekfYil to explore how you can make the most of your property, and get expert advice from our Tax Experts. Need assistance? Call us on 13 23 25 or visit https://bit.ly/3XLOlaP to get started today. #hrblock #hrblockau #taxtime #taxreturn #taxaccountant #taxrefund #taxagents #taxconsultants #taxadvice #taxtips #taxdeductions #airbnbhosts #airbnb #propertydeductions

How to take Airbnb tax deductions as a host. https://ow.ly/7oz150TQsL1 #Taxes #TaxHelp #FilingTaxes

A couple weeks ago, Miguel Alexander Centeno presented to Daniel Vroman Rusteen's OptimizeMyBnb.com LLC private members of his Profitable Properties Program about Short Term Rental Tax Planning Strategies. We covered tax obligations, key deductions, planning strategies, state and local considerations, and recent tax law changes and it was a hit! We had SO much fun that we decided we are going to host a webinar on July 30th again with Daniel and we are inviting YOU to join us! 🔗 in the comment below for registration. A big thanks to Daniel for hosting us! His expertise in helping #AirbnbHosts optimize their listings and boost revenue is unmatched. Check out his book “Optimize Your Airbnb: The Definitive Guide to Ranking #1 in Airbnb Search” and his website OptimizeMyAirbnb.com for invaluable tips and resources. If you’re an Airbnb host looking to navigate the complexities of short-term rental taxes, reach out to Shared Economy Tax & Advisory. We’re here to help you maximize your deductions and stay compliant. #airbnb #shorttermrentals #taxplanning #optimizeyourairbnb #sharedeconomytax #taxstrategies #taxdeductions #realestatetax #rentalincome #taxcompliance

Are you an Airbnb host struggling to keep on top of your finances? From income tax to VAT, let WIT Accounting handle your accounting needs. We understand the unique challenges of running an Airbnb and can help you maximize your profits. For more information or if you would like to contact us for a free consultation, head over to our website: https://lnkd.in/eqyfhRfe #airbnb #airbnbhost #accounting #tax #ukbusiness

Do you rent out a property or a room in your own home? Did you know that since 1st January 2024, platforms such as Airbnb have been required to notify HMRC of your earnings? Although many landlords report their taxable income to HMRC, others do not and are therefore guilty of tax evasion. The good news is that if you live in the property and earn less than £7,500 a year from hosting on Airbnb, no tax is payable thanks to the Rent-a-Room scheme. If you earn more than £7,500 a year, you’ll need to declare it to HMRC by submitting a self assessment tax return, but you’ll only pay tax on the amount above £7,500. Get in touch if you would like an accountant to help with your individual rental situation. #accountants #airbnb #tax #rentaroom

Thanks to Bryce Kander for hopping on the latest episode of the podcast to provide his analysis of the Central Alberta Airbnb market and to give some tips for maximizing the return you see on your investment property! If you are in need of an investment minded real estate agent, Bryce is your guy!