Renting out a room via Airbnb seemed like a good way for Lyn to earn extra income but does her set-up qualify part of her home as an assessable asset?
Q. Lyn
I have turned part of my home into self-contained Airbnb accommodation. As my superannuation earnings were negligible and I seemed to be paying the fund manager more than I was earning, I withdrew my super and used the funds to convert part of my home into a self-contained unit to earn income through Airbnb. Your article about whether your home or the relevant part of my home will be considered an assessable asset gave me pause for thought.
A. If the part of your home is used only to derive an income via Airbnb, then you may well find that part of the value of your home is considered an asset.
If you use the area for other purposes and your guests also have access to other parts of your home, then you may only be assessed under the income test.
Of course, you may also be able to claim tax offsets and deductions which may prove financially beneficial.
You should contact Centrelink, or seek advice from an accountant to confirm your particular situation.
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