It’s estimated there are around 500,000 motorhomes in Australia, with most on the road for only a fraction of the year (4-6 weeks is the average). While they could be earning between $250 and $2,100 a week, most are sitting around gathering dust when not being used by their owners.
The new ATO ruling will allow campervan and motorhome owners to claim deductions for repairs, maintenance and insurance, as well as depreciation, cleaning and storage costs. Owners can claim up to 100% of the expenses that are directly related to hiring out their vehicles, offering a new incentive to purchase a van for those that might not have otherwise considered it.
A campervan or motorhome is the perfect asset for a sharing economy, as they cost a significant amount of money to buy, with often a low usage by most people who own them. Renting out a vehicle for the weeks of the year when you’re not on holidays can go a long way in recovering the costs of its purchase. The new ATO ruling also means that the ongoing costs of wear and tear on your vehicle that are an inevitable result of use can be minimised through tax deductions.
The number of campervans and motorhomes being listed through online holiday rental platforms such as EzyStayz are on the rise and the new ruling by the Australian Tax Office is making it a more financially sound decision than ever.
Want to start making extra money from your campervan or motorhome? List your vehicle on EzyStayz today.