Some time ago I wrote about the “sharing economy” and it seems it is still a hot topic with the ATO (Australian Taxation Office).
The ATO have issued a reminder to taxpayers that there may be a tax obligation when they earn income through the sharing economy.
But what is the sharing economy?
Some examples of the sharing economy include:
- renting out parking spaces,
- ride-sourcing (like Uber) where taxi travel is provided to a passenger for a fare,
- renting out a room or whole house/unit on a short term basis (like Airbnb), or
- the provision of personal services or completing odd jobs
While this list is not intended to be exhaustive, if you find yourself fitting into one of these categories, you may need to register for an ABN (Australian Business Number) and/or GST (Goods and Services tax) and declare income!
Don’t risk doing the wrong thing, get in touch to discuss today!