Attention to those participating in the sharing economy! New reporting requirements have been introduced and are currently in place, impacting those who are engaged in connecting customers to service providers or facilitating the lending of personal assets through websites or apps.
It’s essential for you and your business to be aware of these changes to ensure ongoing compliance and avoid harsh penalties. Your systems may need to be updated to make sure that you’re collecting the correct and necessary information.
Under the new requirements, which are known as the Sharing Economy Reporting Regime (SERR), you need to collect and report information about seller transactions
that happen through your platform.
The details you need to collect include:
- personal (for example, surname, first name, date of birth)
- contact (for example, address, email and phone)
- business (for example, ABN, trading name)
- financial identifiers (for example, bank details)
Platforms providing taxi services, including ride-sourcing and short-term accommodation, should have 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.
This information needs to be collected twice per year, and reported:
1 July to 31 December
report due by 31 January
1 January to 30 June
report due by 31 July
To make sure that you understand and meet your reporting requirements, consult with your registered tax agent or the ATO. They should have the information you need to prepare yourself for the new requirements going forward.