Compulsory reporting of information to the ATO for sharing economy platforms is now in place. With the passing of the legislation, the ATO is expected to more easily monitor the compliance of participants through data-matching. This new reporting regime will leverage the existing Taxable Payments Reporting System (TPRS) and encompass platforms from a variety of sectors including taxi services, short-term accommodation and delivery services, to name a few.
Click to read our article: Sharing economy reporting regime commences soon (1.0 MB PDF)