If property held in a trust is rented out by the trustees for short-stay accommodation, who should declare the income, and what deductions can be claimed?

This Question We’ve Been Asked is part of a series of guidance on the income tax and GST consequences of providing short-stay accommodation through peer-to-peer websites such as Airbnb, Bookabach and Holiday Houses. It explains how the income tax rules apply if property held in a trust is rented out by the trustees.