Sharing economy reporting regime commences soon
Compulsory reporting of information to the ATO for sharing economy platforms is now in place. The legislation to implement this recently passed both Houses of Parliament after lapsing due to the election. With the passing of the legislation, the ATO is expected to more easily monitor the compliance of participants through data-matching. This new reporting regime will leverage the existing Taxable Payments Reporting System (TPRS) and encompass platforms from a variety of sectors including taxi services, short-term accommodation and delivery services, to name a few.
