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Airbnb setup costs

If your SMSF provides hosting services, such as Aribnb, the SMSF property needs to be fully furnished in order to get a better income.

You can purchase the following items immediately after the settlement of the SMSF property:

– Washing Machine

– TV

– Reverse cycle aircondition

– Refrigerator

– New light fittings

– Sofa Bed

– Couch

– Beds

– Linens

– Quilts

– Pillows

– Towels

– Bath mats

– Microwave

– Crockeries

– Cutleries and utensils (knives and chopping board)

– Pots/Pans

– Microwave

– Kettle

– Toaster

– Iron and Iron Board

– Vacuum cleaner

– Decorations (wall units and decorations plus picture frame/painting on the wall)

– Advertising costs

– Other (services such as Electrician for air-condition and new light fitting and painter to have the apartment freshly painted)

When you start the hosting services, you also can purchase the following regularly:

– Toilet paper

– Miniature soap, shampoo and conditioner

– Dish washing detergent

– Clothes washing detergent

– Bathroom and kitchen cleaning detergent

– Services for cleaning the property

– Other (i.e. welcome drinks and nibblies – this is part of meet and greet the guest in order to get a great review)

Please note the followings:

– some of the expenses are in capital nature and you can not write them off and only can claim depreciation expenses based on their effective lives.

– all items to be stored away from trustee / members private residence – including consumables.

– be careful of maintenance work when premises not available for lease (ie. You block out availability on Air BNB etc) as this can make an expense into capital.

– maintain a list of consumable items, and the rooms they are in – and keep track of replenishment.   Ensure cleaners provide invoice, and have an ABN (SMSF needs to withhold if no ABN provided).

-keep track of stock of consumables.

Your SMSF will pass any ATO review easier if you can have a  good recording keeping system.


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