ATO and Airbnb now data sharing; the CGT will catch up with you
12 February 2018
BDO’s senior tax partner, Tony Sloan, talks to Radio 3AW today about how home office use and renting out your spare room might affect your ability to claim a capital gains tax exemption in the future.
The ATO has a new “mole” says BDO partner, Tony Sloan as companies like Airbnb and other “host” accommodation websites start sharing data with the ATO in real time. “The capital gains tax exemption applies when you come to sell your property and so that period of time when you offered your spare room on an accommodation sharing website or rented the house out when you went on holiday every year … means that any income generated, even if it was five, ten years earlier will affect your CGT exemption.”