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
Hot Issues
- Businesses ghosting the ATO targeted in debt collection blitz
- Claiming the tax-free threshold: getting it right
- Aussies tired of ‘dodgy tax criminals’, warns ATO
- Protect your small business by following these essential steps.
- Super guarantee a focus area for ATO business debt collection
- Controversial ‘Airbnb tax’ set to become law
- Withholding for foreign residents: an ATO focus area
- 1 in 3 crypto owners confused about tax, study reveals
- 20 Years of Silicon Valley Trends: 2004 - 2024 Insights
- ATO reveals common rental property errors from data-matching program
- New SMSF expense rules: what you need to know
- Government releases details on luxury car tax changes
- Treasurer unveils design details for payday super
- 6 steps to create a mentally healthy and vibrant workplace
- What are the government’s intentions with negative gearing?
- Small business decries ‘unfair’ payday super changes
- The Leaders Who Refused to Step Down 1939 - 2024
- Time for a superannuation check-up?
- Scam alert: fake ASIC branding on social media
- Millions of landlords the target of expanded ATO crackdown
- Government urged to exempt small firms from TPB reforms
- ATO warns businesses on looming TPAR deadline
- How to read a Balance Sheet
- Unregistered or Registered Trade Marks?
- Most Popular Operating Systems 1999 - 2022
- 7 Steps to Dealing With a Legal Issue or Dispute
- How Do I Resolve a Dispute With My Supplier?
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
- ATO figures reveal final 2022 DPN tally
- Residential rental properties
- 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
- Tips for small business owners
- 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’