Sharing Economy Reporting Regime commences 1 July

I have a lot of clients who earn income by providing taxi travel (including ride-sourcing) or short-term accommodation, and I make sure they’re aware of their tax obligations. From 1 July, the electronic distribution platforms they sell through will be required to collect and report seller transactions to the ATO as part of the new Sharing Economy Reporting Regime (SERR).

The SERR won’t change the way my clients report their income or the way they work, but they may need to provide extra information to the platform so it can meet the new reporting requirements. Information the platform will ask for includes:

• ABN and business name (where applicable)
• first, middle and surname/family name (for individuals)
• date of birth (for individuals)
• residential or business address
• email address and telephone numbers
• bank account details.

The SERR will help us increase community confidence in our tax systems and to help identify those who aren’t meeting their obligations.

I’d like to help my clients better understand their obligations working in the sharing economy, by visiting Sharing economyand tax.