Hi All,
So I am about to start running an apartment for airbnb, the apartment is fully financed and I've started to do some renovations on the apartment and purchasing items for the running of it as an airbnb.
So from a tax perspective it's not registered in a company and it's registered on my name as an individual.
A. I want to know what are some deductions I can claim against my income, I am aware of the below but is there any more that I am missing?
Deductions:
1. Interest incurred on the bond.
2. Levies
3. Rates and taxes
4. Incidentals and cleaning expenses
B. Can I deduct my renovation costs as a pre-trade expenditure as I am getting it ready for the airbnb?
C. The furniture that I previously owned I am leaving in the airbnb, is there any way I could sort deduct any expenses?
D. Can I deduct the new furniture purchased ? If so is this once off or is this a yearly allowance ?
E. It seems when I look at my estimated income vs expenses, I will be at a loss, as mentioned it's not registered in a company, is the loss ring fenced or can it be set off my salary? I'm assuming it's ring fenced, if it is ring fenced, can I continuously roll forward my losses year after year until I am profitable? Or is there a stipulation or time based limit ?
Thanks in advance.
Edit: Thanks for all the responses, duly noted. I guess got to seek the right answers from a professional. Appreciate the comments and opinions
So I am about to start running an apartment for airbnb, the apartment is fully financed and I've started to do some renovations on the apartment and purchasing items for the running of it as an airbnb.
So from a tax perspective it's not registered in a company and it's registered on my name as an individual.
A. I want to know what are some deductions I can claim against my income, I am aware of the below but is there any more that I am missing?
Deductions:
1. Interest incurred on the bond.
2. Levies
3. Rates and taxes
4. Incidentals and cleaning expenses
B. Can I deduct my renovation costs as a pre-trade expenditure as I am getting it ready for the airbnb?
C. The furniture that I previously owned I am leaving in the airbnb, is there any way I could sort deduct any expenses?
D. Can I deduct the new furniture purchased ? If so is this once off or is this a yearly allowance ?
E. It seems when I look at my estimated income vs expenses, I will be at a loss, as mentioned it's not registered in a company, is the loss ring fenced or can it be set off my salary? I'm assuming it's ring fenced, if it is ring fenced, can I continuously roll forward my losses year after year until I am profitable? Or is there a stipulation or time based limit ?
Thanks in advance.
Edit: Thanks for all the responses, duly noted. I guess got to seek the right answers from a professional. Appreciate the comments and opinions