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.
