Do you have clients whose business connects customers with people who provide services or hire personal assets through a website or an app? If so, they’re operating in the sharing economy.
The Sharing Economy Reporting Regime (SERR) is a new reporting requirement for sharing economy platforms.
Under SERR, platforms need to collect and report information about seller transactions that happen through the platform.
These details include:
- personal (e.g. surname, first name, date of birth)
- contact (e.g. address, email and phone)
- business (e.g. ABN, trading name)
- financial identifiers (e.g. bank details)
They may need to update their systems to make sure the correct information is being collected.
Platforms providing taxi services, including ride-sourcing, and short-term accommodation started collecting seller transaction information from 1 July 2023.
All other sharing economy platforms will need to start collecting this information from 1 July 2024.
The reporting periods under SERR are twice a year:
- 1 July to 31 December – report due by 31 January.
- 1 January to 30 June – report due by 31 July.
We’ll work with you and your clients to help you understand and meet the reporting obligations and make sure you have all the information you need to prepare and lodge a report.
For more information on the Sharing Economy Reporting Regime, visit ato.gov.au/SERR
If your clients operate a sharing economy platform, find out about their new reporting requirements.