4 September 2017
For some business owners, the sharing economy can be a good way to earn extra money and top up your existing income. The sharing economy connects buyers and sellers, usually through an app or a website, and can include:
The sharing economy is about making the most of available resources.
Depending on your circumstances as well as what you are doing, there are tax obligations you need to meet when you earn income through the sharing economy.
You need to declare what you earn in your tax return and only claim the business portion of your expenses, just like you would normally do when running your business.
You may also need to:
Know what you need to do and keep records of what you earn – it’ll be easier for when you claim deductions and saves you having to amend your tax later on.
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We've updated our information to make it easier to understand and get it right.
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