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Are you one of the many Australians who earn additional income through the sharing economy? If so, you may have tax obligations.
Common examples of sharing economy activities include:
Depending on the type of goods or services that you provide, things you may need to consider include:
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.