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.
All sharing economy platforms will be required
to start reporting from 1 July 2024.
On 31 March, the Fringe Benefits Tax (FBT) year ends. With the ever increasing budget deficits, the ATO will be reviewing whether all employers who should be paying FBT are, and that they are paying the right amount. Who needs to lodge a FBT return? Find out here.
