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
- 2024 Year End Tax Planning Guide (Part 1)
- Medicare levy surcharge OR basic health insurance ?
- ATO warns of ‘serious penalties’ for unlawful tax scheme promoters
- ACCC scam report
- Employees taking more sick days - and it's getting worse
- Foreign residents selling property in Australia
- How much does negative gearing really cost – an overview and an opinion?
- The Shortest-reigning Monarchs in History
- FBT Reminder – Odometer Reading
- ATO’s debts on hold campaign prompts new IGTO guidance
- A comprehensive collection of small business benchmarks
- The 2025 Financial Year tax & super changes you need to know!
- Underperforming employees: When can you terminate?
- A comprehensive list of guides to industry specific tax deductions.
- ‘Renewed concerns’ about economy sees consumer sentiment dip: Westpac
- Oldest Buildings in the World.
- Small businesses may ‘collapse under strain of payday super’, IPA warns
- ATO’s hands tied with scrapping on-hold debts, expert says
- What Drives Your Business Growth and Profits?
- Australian Taxation Office (ATO) shifting to firmer debt collection activity
- Why employee v contractor comes down to fine print
- Sharing economy reporting regime for platform operators
- Countries producing the most solar power by gigawatt hours
- Illegal access nets $637 million
- Accessing superannuation benefits.
- Does your business have a company Power of Attorney?
- Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
- GrantConnect
- 2 in 3 SMEs benefit from instant asset write-off, survey reveals
- Updated guidance on R&D claims
- Do you know how to recover debts?
- Vimeo test
Article archive
- January - March 2024
- October - December 2023
- July - September 2023
- April - June 2023
- January - March 2023
- October - December 2022
- July - September 2022
- April - June 2022
- January - March 2022
- October - December 2021
- July - September 2021
- April - June 2021
- January - March 2021
- October - December 2020
- July - September 2020
- April - June 2020
- January - March 2020
- October - December 2019
- July - September 2019
- April - June 2019
- January - March 2019
- October - December 2018
- July - September 2018
- April - June 2018
- January - March 2018
- October - December 2017
- July - September 2017
- April - June 2017
- January - March 2017
- October - December 2016
- July - September 2016
- April - June 2016
- January - March 2016
- October - December 2015
- July - September 2015
- April - June 2015
- January - March 2015
- October - December 2014
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’
02 4961 7300
What our clients say about us