ato logo
Search Suggestion:

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.

Last updated 8 February 2023

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.

If you're running a business of sharing assets, you need to consider whether you need an ABN and GST registration.

Income from sharing assets needs to be reported in your tax return. You may be able to claim for associated expenses.

If you rent or lease (share) assets for a fee through a digital platform and decide to sell your asset, tax may apply.