CALL US: (07) 3367 0999 | EMAIL US:

Sharing economy and tax

The ATO is reminding those who work in the sharing economy to be aware of their tax obligations.

The sharing economy connects buyers (users) and sellers (providers) through a facilitator who usually operates an app or a website. Some popular examples include Airbnb, Stayz, Uber, Deliveroo, Airtasker and so on.

Different rules apply, depending on what type of sharing economy activities are undertaken by an individual.

Those who rent out part or all of their home are reminded to:
– declare what they earn in their tax return;
– apportion related expenses as appropriate before claiming deductions and
– understand it may affect their capital gains tax if they sell their home in the future.

Individuals who participate in ride-sourcing activities need an ABN, to register for GST from the day they start, to pay GST on the full amount of every fare and to keep records of income and expenses for both GST and income tax purposes. GST credits associated with your ride-sourcing enterprise are deductible.

Those providing other goods and services through the sharing economy need to remember to declare what they earn and apportion related expenses.

Business
advice

taxation
planning

compliance
services

News

Claiming personal super contributions deductions

May 25, 2018

More taxpayers can now claim a personal super contributions deductions this tax time due to the removal of the 10 per cent maximum earnings condition that came into effect from 1 July 2017.

Eligible individuals include those who earn their income from:

Those who wish to claim a deduction need to: