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The Rise of The Sharing Economy
The sharing economy in Australia is growing rapidly and attracting more and more interest from Australians wanting to earn some extra income. Renting out a spare room or driving people around town might seem like a simple way to earn a few extra dollars, but it can become complicated for tax payers when tax time rolls around. The ATO are continuously making advancements in data-matching technology and are warning tax payers of the importance of declaring any income received from services in the shared economy. Follow the links below for further information.
References:
The ATO is data matching to catch tax-dodging Uber drivers and Airbnb landlords. (2017, January 16). Retrieved February 01, 2017, from http://www.businessinsider.com.au/ato-is-data-matching-to-catch-tax-dodging-uber-drivers-and-airbnb-landlords-2017-1
If you're one of the thousands of Australians doing this, you'd better watch out. (2016, June 23). Retrieved February 01, 2017, from http://www.news.com.au/finance/small-business/tax-office-cracks-down-on-sharing-economy/news-story/55bfade6f14168c42bc7f9f444e781f7
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