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.
SMART Business Solutions is proud to announce its recognition as the winner of Excellence in Local Community Connection (Medium–Large Business) and Excellence in Access and Inclusion at the 2025 Mornington Peninsula Business Excellence Awards.
It might seem like a clever strategy - moving surplus business cash into your personal mortgage offset account to save on home loan interest, then shifting it back to the company around tax time. But there’s a catch: the ATO sees this, and they’re not fans.
