{"id":2945,"date":"2020-03-07T13:40:07","date_gmt":"2020-03-07T01:40:07","guid":{"rendered":"http:\/\/demo.bdsaccountants.co.nz\/?p=2945"},"modified":"2021-03-31T18:38:58","modified_gmt":"2021-03-31T06:38:58","slug":"from-airbnb-to-boarders-whats-new-for-property-owners","status":"publish","type":"post","link":"https:\/\/www.bdsaccountants.co.nz\/insights\/propertyinsight\/from-airbnb-to-boarders-whats-new-for-property-owners","title":{"rendered":"From Airbnb to boarders: What\u2019s new for property owners?"},"content":{"rendered":"

 <\/p>\n

Renting your home or bach online?<\/h2>\n

If you rent a property for short periods, you need to know your tax commitments. New rules announced last May come into force this financial year.<\/p>\n

Here\u2019s what you need to know:<\/p>\n

\n\n\n\n\n
2,500<\/td>\nIf your tax due at end of year is more than $2,500, you\u2019ll have to pay provisional tax instalments the following year.<\/td>\n<\/tr>\n
60,000<\/td>\nIf you earn more than $60,000 a year from your taxable activities, you must register for GST. If you earn less than $60,000 a year, you can choose to register for GST.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

If you have the choice, think carefully about whether registering for GST is best for you. Once you\u2019re registered, there are ongoing requirements (such as recordkeeping, invoicing and filing returns) and when you sell your property or stop providing short-stay accommodation you\u2019ll probably have GST to pay.<\/p>\n

Unsure if being GST registered is the right way to go? Give us a call for advice.<\/p>\n

 <\/p>\n

Hosting boarders at your place?<\/h2>\n

You need to choose between the standard-cost method and the actual-cost method to work out the income you make from boarders so you know how much tax to pay.<\/p>\n