If you have clients earning income through digital platforms or apps, they need to let you know.
Sharing economy income information does not automatically pre-fill in tax returns. You and your client need to ensure all their sharing economy income is correctly included at lodgment.
Ask your clients if they have sharing economy income from:
- ride sourcing, taxi, limousine or delivery services
- short term accommodation or property sharing
- renting or hiring out assets (for example, vehicles, equipment or car parking)
- creating or selling digital content, digital goods or online entertainment
- task based, freelance or on demand services arranged through online platforms.
Sharing economy income is generally assessable and must be declared. Under the Sharing Economy Reporting Regime (SERR), platforms report income earned through their services to us. We use this data to cross check income your client has earned has been reported correctly.
Early conversations with your clients will help avoid omissions and reduce the risk of reviews or amendments later. Ask your clients to review all income from platforms and provide you with the information so you can include it when lodging.
For more information, visit Sharing economy and tax.