Sharing assets excluding accommodation

Sharing assets is where you rent or hire an asset you own or lease, for a fee through a digital platform.

When you share assets (excluding accommodation) through a digital platform, you:

• need to declare all income you receive in your income tax return
• are entitled to claim certain expenses as income tax deductions
• need to keep records of the income you earn and of the expenses you can claim as deductions
• may need to apply for an Australian business number (ABN) and register for GST, if you're running an enterprise of renting or leasing (sharing) assets
• will only be taxed on the gain you make on a depreciating asset when you sell the shared asset.

There are many types of assets that can be shared through a platform, including:

• personal assets - for example, bicycles, boats, cars and caravans/recreational vehicles (Uber Carshare, Camplify or Get My Boat platforms)
• storage or business space - for example, car parking spaces, offices and kitchens (Spacer, Parkhound or Rubberdesk platforms)
• personal belongings - for example, tools, equipment and clothes (Toolmates, Kindershare or The Volte platforms).

Renting out all or part of your home has different rules you need to consider.