Tax Implications for the Sharing Economy
The ATO is reminding taxpayers who earn income through the sharing economy that they have tax obligations they should consider.
Examples of sharing economy services include:
- ride-sourcing – providing taxi travel services to transport passengers for a fare;
- renting out a room or a whole house or unit on a short term basis;
- renting out parking spaces; or
- providing personal services, such as web or trade services, or completing odd jobs, errands, deliveries, etc.
As is usual under the GST and income tax law, the nature of the goods or services they provide and the extent of their activities will determine what they need to do for tax purposes.
“Disclaimer: The information is sourced through NTAA”
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If you realize that now is the time to get your accounts in order, we invite you to call Hart Partners today on Phone (03)9600 3220 Mobile: 0413 222 922 Fax (03) 9376 3507 or email us paula@www.hartpartners.com.au.
We can help you to meet your obligations to the Australian Tax Office, while at the same time ensuring that you claim every deduction to which you are entitled.
| Please Note:
Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. |