Airbnb is growing fast in Australia and almost half the properties involved are located in New South Wales. Many would-be hosts are wondering about the legal, tax and insurance implications – and their questions have now been answered.
The answers are given in a new video released by Sydney-based specialist travel and tourism lawyer, Anthony Cordato. The video, which is covers six topics, has been placed on YouTube.
“Airbnb-style short-term letting for apartments, for holiday houses and for spare rooms is growing rapidly in popularity for home owners, investors, and of course leisure and business travellers,” Cordato says.
“The regulatory environment is playing catch-up in NSW, and while it is, the legal framework is a grey area.”
New South Wales is a hotspot for Airbnb. There are 30,000 properties in NSW, 70,000 in Australia and 2 million worldwide.
“These are big figures,” Cordato notes.
This video covers six topics:
- What Planning Approvals are required for short-term lettings?
- What restrictions are there for strata titles properties?
- How does Airbnb work?
- Insurance
- Tax
- Loans using Airbnb income
Filmed at a property investment seminar, the video includes interesting and relevant questions and comments from the audience.
If you are thinking of venturing into the world of Airbnb, or similar letting platforms, this is essential viewing.
Written by Peter Needham, chief travel writer, eGlobal Travel Media