Blog Layout

Tax Office website updates on the sharing economy
Liz Gibbs • September 7, 2017

The Tax Office has updated   its website for the sharing economy:

  • Deductions you can claim   - Taxpayers may be able to claim deductions for expenses incurred in participating in the sharing economy. Deductions may need to be apportioned if they are for both personal and work purposes.
  • How GST applies to residential rent   - GST obligations when renting out a property. GST does not apply to residential rent, but the ATO says taxpayers have to pay GST if they provide accommodation such as a hotel room or serviced apartment, a bed and breakfast, or if they rent out commercial spaces like a function room or office space.
  • Renting out a room   :
    • Income tax requirements   – What taxpayers need to know for income tax purposes when renting out a room or their home through the sharing economy.
    • How CGT applies   - When renting out a room or a home through the sharing economy, taxpayers may have to pay CGT when they sell.
  • How to avoid a tax debt   - If taxpayers are concerned they might get a tax bill from participating in the sharing economy, the ATO provides tips on how they can get on top of it before they need to lodge their tax.
  • Income tax and GST in the sharing economy   - If taxpayers are getting an income from participating in the sharing economy, they need to know what to do for income tax purposes and if they need to get an ABN and register for GST.
  • Record keeping   - Taxpayers need to keep good records when they earn income through the sharing economy.
  • Renting out a car parking space   - Tax obligations if a taxpayer rents out a car parking space.
  • Renting out all or part of a home   - When renting out some or all of a home through the sharing economy (eg Airbnb, Stayz or similar), the ATO says there are a number of things taxpayers need to know for tax purposes.
  • Ride-sourcing     - Ride-sourcing may also be referred to as ride-sharing, ride-hailing and by certain company names. The ATO says that being a ride-sourcing driver means taxpayers have tax obligations including having an ABN, registering for and paying GST if they have an enterprise, and declaring fares and claiming deductions for income tax.
  • Understanding the sharing economy and tax   – The ATO has updated information for clients of tax practitioners who are earning income through the sharing economy.
  • Working in the sharing economy   - What taxpayers need to know about working in the sharing economy for tax purposes.

If you have any questions about how Tax and the Sharing Economy applies to you, please don't hesitate to contact Robert Goodman Accountants on 07 3289 1700.

 

Office open
By Liz Gibbs March 10, 2025
With thanks to all Energex and Emergency services Crew, our electricity has been reconnected and our office is open from today 11 March. We hope you and your loved ones are safe and well following cyclone Alfred. These past few days have been challenging for many, and our thoughts are with everyone affected.
By Liz Gibbs March 10, 2025
Due to a power outage affecting the entire Samford area, the RGA Practice will be operating remotely today, 10 March, until electricity is restored. Please be assured that our team remains available and can be reached at 07 3289 1700. We appreciate your understanding and support during this time. Stay safe, and we look forward to seeing you soon.
Cyclone Alfred
By Liz Gibbs March 5, 2025
As Tropical Cyclone Alfred approaches, we want to remind everyone to take necessary precautions and ensure their safety. We have received some important information that we believe is crucial to share with you to help you prepare for the severe weather conditions ahead.
Work Health and Safety (Sexual Harassment) Amendment Regulation 2024
By Liz Gibbs February 26, 2025
In a significant move to combat workplace sexual harassment, Amendments to the Work Health and Safety Regulation 2011 (as per the Work Health and Safety (Sexual Harassment) Amendment Regulation 2024) will soon commence on 1 March 2025.
By Liz Gibbs February 25, 2025
The amount of money that can be transferred to a tax-free retirement account will increase to $2m on 1 July 2025.
What happens to your super when you die?
By Liz Gibbs February 25, 2025
The Government has announced its intention to introduce mandatory standards for large superannuation funds to, amongst other things, deliver timely and compassionate handling of death benefits. Do we have a problem with paying out super when a member dies?
By Liz Gibbs February 25, 2025
If credit card surcharges are banned in other countries, why not Australia? We look at the surcharge debate and the payment system complexity that has brought us to this point. In the United Kingdom, consumer credit and debit card surcharges have been banned since 2018. In Europe, all except American Express and Diners Club consumer surcharges are banned. And in Australia, there is a push to follow suit. But, is the issue as simple as it seems?
Babyboomer wealth
By Liz Gibbs February 25, 2025
“Succession planning, and the tax risks associated with it, is our number one focus in 2025. In recent years we’ve observed an increase in reorganisations that appear to be connected to succession planning.” ATO Private Wealth Deputy Commissioner Louise Clarke.
Penalty for False R&D claims
By Liz Gibbs February 25, 2025
A joint investigation involving the ATO found that, between 2014 and 2017, a Sydney business coach promoted unlawful tax schemes encouraging clients to lodge over-inflated, inaccurate or unsubstantiated research and development ('R&D') tax incentive claims
SMSF lodgement due dates
By Liz Gibbs February 25, 2025
All trustees of SMSFs with assets (including super contributions or any other investments) as at 30 June 2024 need to lodge an SMSF annual return ('SAR') for the 2023/24 financial year.
More Posts
Share by: