Sharing economy reporting regime commences soon
As a part of the Federal Government’s strategy to combat the tax compliance risks posed by
the sharing economy, it has passed into law new requirements for operators of electronic
distribution platforms to provide information to the Australian Taxation Office on
transactions made through their platforms.
.
An “electronic distribution platform” is one that delivers services through electronic
communication (i.e. over the internet, including through applications, websites or other
software) and allows entities to make supplies available to end-user consumers through the
platform. A service isn’t considered an electronic distribution platform if it only advertises or
creates awareness of possible supplies online, operates as a payment platform or serves a
communication function.
Examples of sharing economy electronic platform operators include Uber, Airbnb, Car Next
Door, Menulog, Airtasker and Freelancer.
The new reporting regime applies to platform operators rather than to individuals who use
their sites or apps, but if you’re part of the sharing economy it’s still important to give the
ATO the right information. If you rent out your home for short stay accommodation, work as
a delivery driver or take on side jobs as a freelancer, we can help you keep your tax affairs in
order.
Electronic platform operators will soon be required to regularly provide transaction
information to the ATO through the Taxable Payments Reporting System (TPRS). The
information obtained will be used in ATO data-matching to help identify entities that may not
be meeting their tax obligations.
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Article archive
January - March 2023 archive
- Capital gains tax
- Using your business money and assets for private purposes
- Comparison: How Long It Takes To Decompose?
- Details of tax calculation for $3m threshold a 'mixed blessing
- Sharing economy reporting regime commences soon
- Later retirement takes oldies back to living in ’70s
- Changes to working from home deduction - started 1 Jul 2022
- Accountants face client backlash over blizzard of tax changes
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- Did you pay your superannuation guarantee payment late?
- Five new year’s tax resolutions
- ATO issues fresh warning on illegal early access schemes
- Looming changes for the “buy now, pay later” market
- Changes to Australian Business Number (ABN) registration compliance
- 100 Most Influential people in the world.
- How crypto assets can trigger CGT tripwires
- ATO targets dodgy deductions for holiday homes
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- About the working from home safety and wellbeing checklist
- Countries with the highest GDP per capita between 1800-2040
- Downsizer age reduction now in force
- Raids stop $33m in tax avoidance, ATO claims
- 100A ruling leaves trust decisions haunted by ‘uncertainty’