Mid-Year Economic and Fiscal Outlook
The MYEFO announced the Government’s intention to implement a new third party reporting regime for the sharing economy.
Treasury released its Mid-Year Economic and Fiscal Outlook (‘MYEFO’) for 2019/20 forecasting a surplus of approximately $5 billion.
The new reporting regime will apply to businesses who operate via online platforms within the ‘sharing’ or ‘gig’ economy (e.g. Uber and Airbnb).
It is proposed to be introduced in two stages, starting from 1 July 2022 (for ride-sharing and accommodation platforms) and from 1 July 2023 (for asset sharing, food delivery and tasking-based platforms).
The online platforms will be required to report identification and income information for all its participating members (i.e. both the sellers and providers).
These reports will go directly to the ATO for data-matching (i.e. review and audit) purposes.
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