Request a Callback

Want to know more?

Leave your details below and we'll get in touch! Alternatively you can also make a written enquiry via our Contact form.

×

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.
 
 
 
 
Acctweb

Want to know more?

Do you have a question about something you've read in this article? Need more information? Want to book an appointment? Simply let us know below and we'll get back to you ASAP.