Are you one of the many Australians who earn additional income through the sharing economy? If so, you may have tax obligations.
The sharing economy is economic activity through a digital platform (such as a website or an app) where people share assets or provide services for a fee.
Common examples of sharing economy activities include:
You need to consider how income tax, goods and services tax (GST) and other obligations apply.
The income you earn is assessible and you:
If you provide ride-sourcing services you need to get an ABN and register for GST, regardless of how much you earn.
If you rent out your property, even if it’s only part of it, such as a room or car space, you may need to pay capital gains tax (CGT) when you sell.
No matter how much you earn or your reasons for providing goods or services, you need to keep records of income and expenses. This will ensure that your activities are tracked and you meet your tax obligations.
More detailed information about the sharing economy can be found on the ATO website.