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Insights

Earned an income from the sharing economy?

James Morris
Published by:
James Morris
Published on:
July 02, 2024
Modoras Accounting (QLD) Pty Ltd ABN 81 601 145 215

It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return.

Since 1 July 2023, the platforms delivering ride-sourcing, taxi travel, and short-term accommodation (under 90 days), have been required to report transactions made through their platform to the ATO under the sharing economy reporting regime. 2023-24 is the first year that the ATO will have the income tax returns of taxpayers to match to this data.

All other sharing economy platforms will be required to start reporting from 1 July 2024.

This reporting regime, combined with the ATO’s data matching programs, mean that if income is not declared, it’s likely you will receive a “please explain” request from the regulator.

Have You Earned Income from the Sharing Economy?

Make sure you’re compliant with the latest tax regulations. If you’ve earned income from platforms like Airbnb, Stayz, or Uber, it’s essential to declare it in your tax return to avoid issues with the ATO.

Our team is here to help you navigate these requirements and ensure all your income is correctly reported. Contact us for assistance with your tax return and to avoid any unexpected ATO inquiries.

Call us at 1300 888 803 or visit our services page to book a consultation. Let’s ensure your tax affairs are in order and avoid any potential penalties.

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