Chartered Accountants Auckland

Airbnb giving IRD your details?

May 21st, 2018 | Posted by Accountants Auckland in Accountant in Auckland | Chartered Accountant Auckland | Chartered Accountants Auckland - (Comments Off on Airbnb giving IRD your details?)

There’s an old Frank Sinatra song that says “if you can make it here, you can make it anywhere”.   As a Chartered Accountant, I like to change this up a bit and turn it into “if they do it there, they can do it here”.  Something they’re currently doing over there (Denmark, in this case) and which I strongly suspect will soon start happening here, is Airbnb giving the IRD full details of your Airbnb earnings. 

The platforms are already in place here and the banks have been doing it for ‘yonks’.  Banks readily give the IRD full details of your interest and RWT deductions without you even knowing it.  Typically the information sharing goes the other way with the IRD having the ability to give your details to some government agencies including Statistics New Zealand.  On top of this, there’s been an incredible amount of activity in the area of overseas reporting obligations lately which is basically a way of sharing your information between countries.  America is particularly hot on this right now with the Common Reporting Standard coming into effect and although this may seem like something that couldn’t possibly effect you, you may well get caught if you’re an unsuspecting beneficiary of a family trust (even a discretionary one).

Thankfully, the IRD gives relatively clear direction on how to return your Airbnb income so it shouldn’t hurt too much unless you’ve somehow fallen into something incredibly complex like the GST regime or if you need to ‘fess up’ to the IRD through the Voluntary Disclosure process.

______________________________   _______________________________

Boutique Financial Chartered Accountants & Business Commentators

Copyright © 2018 Boutique Financial Limited Chartered Accountants Auckland All Rights Reserved. This publication must be read in accordance with the attached disclaimer and does not provide an exhaustive statement of tax law.


Please click below to download your checklists:

Happy new tax year!
And you know what that means, don’t you?  Time to get your books sorted and into us.  Thanks to technology, the days of sending us paper are well and truly gone.  And what a relief that is because one of the worst jobs of my career was having the most enormous box of paper bank statements dumped on me.  It wasn’t the size that frightened me but the smell.  It absolutely reeked.  I spent the next week locked in my cubicle trying not to breathe in the toxic stench, while the other accountants treated me like I was contagious.

This was twenty-something years ago, in one of the big old prestigious firms and junior accountants were barely permitted to speak, let alone complain.  There were more than sixty accountants crammed into my section of the office and I swear every single one of them passed by my desk (keeping a safe distance, mind you) giving their unwanted opinion on the origins of the aroma.  To this day it remains a mystery but I suspect a pet (now potty-trained) is out there somewhere laughing at me still.

And on that note, we look forward to receiving your ‘smell-free’ records soon.
You’ll find a checklist, of everything you need to send, by clicking here.


Picture credit with thanks to Interior Design Magazine