An accountant that is preparing tax returns. Accounting and tax return documents, pages and calculators. An elderly couple planning with their superannuation funds. A business man working on his investment property in Gordon.

Latest News

Sharing economy reporting regime commences soon

As a part of the Federal Government’s strategy to combat the tax compliance risks posed by the sharing economy, it has passed into law new requirements for operators of electronic distribution platforms to provide information to the Australian Taxation Office on transactions made through their platforms.

.

 
An “electronic distribution platform” is one that delivers services through electronic
communication (i.e. over the internet, including through applications, websites or other
software) and allows entities to make supplies available to end-user consumers through the
platform. A service isn’t considered an electronic distribution platform if it only advertises or
creates awareness of possible supplies online, operates as a payment platform or serves a
communication function.
 
Examples of sharing economy electronic platform operators include Uber, Airbnb, Car Next
Door, Menulog, Airtasker and Freelancer.
 
The new reporting regime applies to platform operators rather than to individuals who use
their sites or apps, but if you’re part of the sharing economy it’s still important to give the
ATO the right information. If you rent out your home for short stay accommodation, work as
a delivery driver or take on side jobs as a freelancer, we can help you keep your tax affairs in
order.
 
Electronic platform operators will soon be required to regularly provide transaction
information to the ATO through the Taxable Payments Reporting System (TPRS). The
information obtained will be used in ATO data-matching to help identify entities that may not
be meeting their tax obligations.
 
 
 
 
Acctweb

Hot Issues

Latest Accounting News

Tax Specialists

We specialize in providing proactive tax planning strategies for our clients. High earning individuals and business clients can benefit by speaking to one of our tax advisors.

Bookkeeping

Good, fundamental book keeping will ensure that your accounts are up to date and give you proper control of your business. With over 85% of business failure attributed to poor financial control, skilled and professional bookkeeping will give you results that speak for themselves.

Superannuation Planning

Taking the time to plan for your future makes good financial sense. Ensure you have the money to live the lifestyle you'd like during your retirement.

Investment Properties

Preparation of negative gearing tax schedules for all investment properties. Including Depreciation Calculations and Special Building Write offs.