Scams are getting trickier, but there are some simple things you can do to keep your accounts safe: Use strong passphrases, not just passwords Instead of using the same password everywhere, try a passphrase—like a short sentence or four random words. Make it at least 14 characters long and mix in numbers, symbols, and upper/lowercase letters. Turn on Multi-Factor Authentication (MFA) MFA means you need more than just a password to log in—like a code sent to your phone or using your fingerprint. It makes it much harder for scammers to get in, even if they have your password. Keep your devices safe Lock your phone and computer with a passcode or biometrics (like Face ID). Set them to auto-lock if you leave them for a bit. Turn on “find my device” features so you can lock or erase your data if your device goes missing. Be suspicious of unexpected calls, emails, or texts If someone contacts you out of the blue, don’t rush. Don’t click on links or share personal info unless you’re sure it’s legit. Go directly to the organisation’s website and contact them using the official phone number or email. If you have any concerns or feel as though you may be a victim of a scammers, please contact us 03)5571 0111

In today's sharing economy, platforms like Airbnb have made it easier than ever to earn extra income by renting out a spare room or your entire home – but many Australians are unaware of the tax implications that come with these arrangements. The ATO has intensified its focus on all aspects of the sharing economy, particularly short-term rental arrangements, and has sophisticated data-matching capabilities with third-party platforms like Airbnb. This means they can identify discrepancies between what’s reported on your tax return and what the platforms' records show. When you rent out all or part of your residential property through digital platforms, the ATO requires you to declare this income on your tax return. Keeping meticulous records of all rental income earned is essential, as is maintaining documentation of expenses you intend to claim as deductions. One area where many property owners get caught out is capital gains tax (CGT). While your main residence is typically exempt from CGT, this exemption can be partially lost when you rent out portions of your home. The reduction in your exemption is calculated based on the floor area rented and the duration of the rental arrangement. This is a crucial consideration if you're thinking of selling your property in the future, as it could significantly impact your tax position. When it comes to deductions, you can claim a portion of expenses related to the rented space, including council rates, loan interest, utilities, property insurance and cleaning costs. The deductible amount depends on both the percentage of the property being rented and the duration of the rental period throughout the financial year. Platform fees or commissions charged by services like Airbnb are often 100% deductible, providing some relief against your rental income. As with all income items, you will need to maintain statements from rental platforms showing your income, along with receipts for any expenses you plan to claim. Without proper documentation, you risk having legitimate deductions disallowed during an ATO review or audit, potentially leading to additional tax liabilities. If your property is located in Victoria, the short stay levy of 7.5% of total booking fees may also apply.  Please contact our office if you have any questions or queries - 03) 5571 0111