The Australian Taxation Office (ATO) estimates that some property owners have undeclared income of more than $70,000 a year in earnings from short-term rental platforms like Airbnb. This has contributed to an income tax shortfall of around $9 billion.
The ATO has used data-matching technology to compare income from tax returns with financial records provided by rental platforms, and will write to home owners asking them to review their tax returns. From The AFR:
Rorts and errors by short-term rental property owners are a “key driver” of a $9 billion income tax shortfall under investigation by the Australian Taxation Office…
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