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  • Income from the sharing economy

    When you use sharing economy platforms to provide services for a fee or use your home, car or other assets to earn income, you need to keep records of:

    • all income earned and declare it in your tax return
    • expenses you can claim as deductions.

    You also need to consider:

    • if you are carrying on an enterprise
      • if you need an Australian Business Number (ABN)
      • if you need to register for GST and lodge activity statements
    • if the price of the goods or services you provide includes GST
    • if and when you need to provide tax invoices for sales
    • declaring your income in your income tax return
    • what income tax deductions and GST credits you can claim for your expenses related to earning your income
    • how all your sharing economy activities added together affect your income tax and GST obligations.

    There are different tax obligations depending on what goods or services you are providing.

    All ride-sourcing enterprises must have an ABN and be registered for GST.

    Last modified: 23 Jan 2018QC 53221