The ATO are yet again targeting property investors, with a specific focus on holiday homes and properties let through share platforms like Airbnb, Stays or similar.
The focus is on the correct apportionment of expenses and interest on loans which is calculation based upon the area let and the number of days your property is available.
In TaxTank we've created a portfolio for shared properties with a calculator to automatically calculate the claim percentage based upon the ATO's required formula. When adding a property select portfolio 'Share Properties (AirBnb, Stayz, etc)' to see the calculator. Click on the calculator, answer the interactive questions and we'll do the rest!
What if things change and my forecast is no longer accurate?
This is the beauty of using TaxTank! If things change simply update your forecasts and we will automatically update your claim percentage for all expenses for the current financial year.
To do this go to the property tab, select the 'Forecasting Details' drop-down and select the 'edit' icon on the right hand side. From here you can adjust your property income and expenses forecasts, but more importantly, you will find the 'Percentage of claim calculator' to recalculate the right claim percentage for the current financial year.
