The ‘gigs up’ with a new sharing economy reporting regime
Treasury has released draft legislation introducing
the long-awaited third party reporting regime
(proposed to apply from 1 July 2022).
The new regime will initially require ride-sharing
and short term accommodation online platform
operators to report transactions they facilitate
directly to the ATO.
This measure was first announced in the 2020
MYEFO (following a recommendation from the
Black Economy Taskforce established in 2016).
It is intended to extend to all other types of sharing
(‘gig’) economy online platforms such as food
delivery and task services from 1 July 2023.
Under this new proposed regime, the identity of
participants and payments they receive will be
reported to the ATO (twice a year) to identify entities
who may not be meeting their tax obligations.
Black Phoenix Tattoo Studio