Controversial ‘Airbnb tax’ set to become law

A levy on short-stay accommodation bookings will apply from next year after being passed by the Victorian parliament.

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A 7.5 per cent levy on short-stay accommodation platforms such as Airbnb and Stayz will apply in Victoria from next year after the state parliament passed the controversial legislation last week.

The Australian-first Short Stay Levy Bill 2024 passed with 21 votes to 15 and would begin on 1 January 2025.

It was announced last year as part of the state government’s landmark Housing Statement, which detailed a 10-year plan to improve housing affordability and build 800,000 homes.

 

The levy was expected to raise between $60-70 million a year for the state’s social housing agency Homes Victoria while pressuring landlords to take properties off the short-term accommodation market amid the state’s rental crisis.

“It is important we recognise and give a signal to the market that our priority is to get people into homes and long-term, secure rental accommodation is important,” Treasurer Tim Pallas said.

Under the new law, liability to pay the 7.5 per cent levy accommodation booking fee would be imposed on the provider of a booking platform.

For direct bookings, the owner or renter would be responsible for paying.

It would be charged on all stays under 28 days in premises in Victoria that were classed as short-term accommodation with exclusions for primary residences, commercial residential premises and specialised housing facilities.

The Victorian Liberal opposition slammed the tax as unfair and pledged to repeal it if it won the 2026 state election.

Opposition leader John Pesutto said: “This tax isn’t about getting more homes built and will only add to growing cost-of-living pressures under Labor.”

“Regional businesses and Victorians simply hoping to enjoy a weekend away shouldn’t be the ones to pay for Labor’s financial mismanagement and a future government I lead will scrap this tax.”

Shadow treasurer Brad Rowswell said the government was penalising holidaymakers during a cost-of-living crisis.

“Labor’s holiday and tourism tax is an unfair tax from a government that cannot manage money and is desperate to fill its budget black hole,” he said.

“Premier Jacinta Allan simply does not understand the cost pressures that Victorians are under at the moment.”

When the levy was announced last year, tax experts also told Accountants Daily that while the impost could make operating short-term rentals more expensive for landlords, it would not necessarily lead to marked increases in the rental market.

Matthew Richardson, a property tax adviser from Cooke & Foley, said the levy might discourage new entrants but existing investors might “outride the downturn”.

“This levy makes the purchase of short-stay accommodation properties less attractive,” he said. “As a result of the levy, the yield received by the property owner is reduced immediately and other costs such as interest rates are not being lowered for the investor to offset the levy.”

“Because this levy is only on short-term accommodation, it's making longer-term rentals seem slightly more appealing … but at the same time, most investors are in it for the longer term. So, they'll outride that downturn.”

 

 

 

Christine Chen
21 October 2024
accountantsdaily.com.au

 

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Accounting services for transport and logistics professionals

Accounting for Transport and Logistics Professionals

Managing a transport & logistics business can be a time consuming and complex task. You have to make sure that your staff can perform well, are receiving appropriate payment in regards to their wage and superannuation, plus then there’s the range of OH&S and compliance issues that must be followed.

Guests Accounting understands the financial implications that transport and logistic industries have to deal with. We offer you professional experience, technical knowledge and support with your taxes and accounting.

Professional Accounting Services

Our services for Transport and Logistics Professionals include:

  • Start-up business financial advice
  • Payroll and bookkeeping services
  • Income tax returns
  • Tax planning strategies
  • Accounting software advice and selection
  • Tools and spreadsheets to assist in detailing and reporting income and expenses
  • Advice about the sale and purchase of your business
  • Advice about claiming motor vehicle and transport costs
  • Advice and assistance with claiming Fuel Tax Credits
  • The preparation and analysis of financial documents and statements.

Ongoing Support

Over time, you may want to change the direction your business is heading and this could lead to financial issues. Financial advice and services from professionals could help you and your business keep on track with your goals and evolve positively. Guests Accounting can provide professional accounting advice and services as your business progresses, grows and changes.

If you setting up a new Transport and Logistics business or looking to take your current business to the next level, please contact us today.

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Avi Paluch

Avi Paluch

Partner

ap@guests.com.au

(03) 9509 7033 / 0418 542 606

Avi Paluch became a partner in 1975. His client base comprises of professionals in a diverse range of industries, sole traders, national, multi-national and international groups in relation to taxation and management issues.

His clients also include large family groups and high net worth individuals. In addition, he is involved in a range of audits. Avi currently involves himself in various community boards in the capacity of honorary treasurer.

His other interests are being with his family and attending sports events.

Andrew Goldberger

Andrew Goldberger

Partner

bg@guests.com.au

(03) 9509 7033 / 0419 155 373

Andrew Goldberger joined Guests in 1987. Prior to that he occupied a senior position with the Australia Taxation Office. As well as looking after a diverse range of groups of SMEs and high wealth individuals, Andrew is an expert in taxation. He has been involved in a number of Large Income Tax and State Revenue Audits and provides advice on various technical tax issues and areas of tax planning. Andrew also consults to other practitioners in these areas.

Andrew has also written articles for various taxation publications including CCH and participated in taxation focus groups. He is regularly called on to address various public practitioner groups on taxation matters and has conducted training sessions for CPA Australia.

Moshe Trebish

Moshe Trebish

Partner

mt@guests.com.au

(03) 9509 7033 / 0417 081 305

Moshe joined Guests Accounting in 1985 and has more than 40 years of extensive experience. He has an indepth understanding of business and is responsible for a diverse group of clients and is in charge of the Superannuation Team and the Audit of superannuation funds.

Moshe’s knowledge in many different areas including business structuring, accounting, taxation, auditing, SMSFs and business planning in various industries enables him to provide advice on ‘the big picture’, taking into account both present and future needs of clients.

Moshe has been involved in various not-for-profit organisations during his career in an honorary capacity. This has given him a good grounding in the corporate governance area. Moshe continues his interest in the new regulatory environment of the not-for-profit sector.

  • Diploma of Commerce (RMIT)
  • Member of CPA Australia
  • Public Practice Certificate (CPA)
  • Registered Tax Agent
  • Registered SMSF Auditor
  • Registered Company Auditor
  • Limited AFSL Licencee
  • Chartered Tax Advisor (TIA)
Mory Kalkopf

Mory Kalkopf

Partner

mk@guests.com.au

(03) 9509 7033 / 0405 642 458

Mory graduated from Monash University in 1979 and joined our team with more than 20 years experience. He is a member of both the Institute of Chartered Accountants and the CPA and a Fellow of the Association of Taxation and Management Accountants.

After more than 18 years experience with a Chartered firm, Mory travelled to the United Kingdom and gained invaluable experience working with various Accounting and Legal firms in London, developing operating systems and in investigative accounting roles.

Mory joined Guests in March 2002 and became a partner in July 2005, specialising in Taxation and Business Services. Mory has also served on the executive of community boards and not-for-profit organisations.

Gary Bryfman

Gary Bryfman

Partner

gb@guests.com.au

(03) 9509 7033 / 0411 077 998

Gary Bryfman is a FCPA, having a Masters Degree in Taxation. His earlier accounting background was in industry, specialising in costing and budget preparations.

He has been a partner of Guests for 31 years. Gary has been involved in a number of Jewish organisations, including JCCV as honorary treasurer; CSG, JEMP and advisor to MDA executive.

Borch Baker

Boruch Baker

Partner

bb@guests.com.au

(03) 9509 7033

Boruch brings a wealth of experience and dedication to our team, having demonstrated exceptional leadership and expertise in accounting and taxation matters over the years. His commitment to providing outstanding client service that is solution- and results-focused has been attributed to our clients’ success.

Boruch’s leadership extends beyond his technical skills, he is also known for his ability to mentor and inspire his colleagues, fostering a collaborative environment within the practice. 

Outside of work, Boruch enjoys spending quality time with his young family. His passion for outdoor adventures and family life reflects his balanced approach to both personal and professional endeavours.

Accounting Videos

Secure File Transfer is a facility that allows the safe and secure exchange of confidential files or documents between you and us.

Email is very convenient in our business world, there is no doubting that. However email messages and attachments can be intercepted by third parties, putting your privacy and identity at risk if used to send confidential files or documents. Secure File Transfer eliminates this risk.

Welcome to Xero – you’ll love using beautiful accounting software that puts your financials at your fingertips. Here you’ll learn about the features you’ll use regularly in Xero, and see how they make managing small business finances easier than ever.

Please enjoy the links to these free tools supplied by MoneySmart - a great resource for general financial information. Please get in touch if you would like to discuss any questions that you may have as a result of using these calculators.

Guests Accounting welcome your enquiry. To book an appointment or simply ask us a question, fill in your details and we'll be in touch soon!

Email, Phone & Fax

Melbourne Office

  • 234 Balaclava Road, Caulfield North VIC 3161
  • 9:00AM to 5:00PM (Mon-Thurs), 8:30AM to 4:30PM (Fri)

Postal Address

  • PO Box 2197, Caulfield Junction VIC 3161, DX 37066 Caulfield

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