CAMPLIFY has formalised the first-of-its-kind ruling with the Australian Taxation Office, allowing owners who list and hire out their caravan, camper or motorhome on the sharing economy platform the opportunity to claim tax deductions.
The company says RV owners can claim tax deductions on all expenses associated with their caravans, campers or motorhomes and they do not need to be set up as a business.
Camplify chief executive Justin Hales said deductions can be made on expenses related to RVs such as depreciation, repairs, maintenance, insurance, consumables, cleaning, management fees, mobile phones and storage.
“Owners can claim 100 per cent of expenses that relate directly to the hiring out of the RV for the time they are listed on the Camplify platform,” he said.
The company has developed a tax pack with full details, including an online tax calculator that will apportion your personal vs business deductions and give users the total they need to enter in their tax return.
It suggests keeping a good record of expenses, including receipts and transactions, to maximise tax deductions.
The Tax Office has advised that caravan and RV owners should be aware that if they use their van for personal use they will need to apportion the expenses accordingly.
RV owners thinking of listing on Camplify should consult an accounting professional for detailed advice relevant to their personal circumstances.
Details – www.camplify.com.au
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