These five draft Questions we've been asked update a series of current QWBAs on income tax and short-stay accommodation:

1. PUB 00487/a Which rules apply if I rent out my home, part of my home, or a separate dwelling on my property as short-stay accommodation? 
2. PUB 00487/b Which rules apply if I have a dwelling I sometimes rent out as short-stay accommodation and also sometimes use privately? 
3. PUB 00487/c How do the mixed-use asset rules apply if I provide short stay accommodation? 
4.  PUB 00487/d How do the standard tax rules apply if I provide short-stay accommodation? 5. PUB 99487/e If property held in a trust is rented out for short-stay accommodation, who declares the income and what deductions can be claimed? 

CA ANZ supports the publication of the above items. Once finalised the above draft items will replace QB 19/05 to QB 19/16. The draft items have been updated to reflect legislation changes to the low value threshold for depreciation, the residual income tax threshold and the introduction of the online marketplace rules, the residential rental ring-fencing rules and the interest limitation rules.

In addition, the Commissioner has changed his view that the formula for calculating a depreciation deduction for mixed-use chattels does not override the general permission.

Therefore, further apportionment is needed to account for any private use of the mixed-use chattels. Once finalised the updated items will assist the target audience (taxpayers who supply accommodation – many who may not be familiar with income tax) work out which and how the rules apply to their particular circumstances.

CA ANZ also suggests that certain aspects of the drafts be reviewed and further clarified.