From 1 July, electronic distribution platforms that provide short-term accommodation (such as Stayz or Airbnb) or taxi travel, including ride-sourcing (such as Uber or Didi), are required to collect and report seller transactions to the ATO as part of the new Sharing Economy Reporting Regime (SERR).
The platforms through which you provide sharing economy services may ask you for more information to meet their obligations under the SERR including:
- ABN and business trading name
- first, middle and family name
- date of birth
- residential or business address
- email address and telephone numbers
- bank account details.
Check with your platform for more information on their privacy policy. There are laws protecting the privacy of information held by the ATO.
For more information on your obligations in the sharing economy, see sharing economy and tax.
Remember, the tax champions at Paris Financial are here to help you with your tax. Contact us today!
Source: ATO Newsroom
