STAFFORD, Australia - eTradeWire -- Are you a gig economy worker? It's essential that any income (including money, appearance fees, and 'gifts') you earn from platforms such as Airbnb, Stayz, Uber, YouTube, etc., is declared in your tax return.

The tax rules consider that you have earned the income "as soon as it is applied or dealt with in any way on your behalf or as you direct". If you are a content creator for example, this is when your account is credited, not when you direct the money to be paid to your personal or business account. Squirrelling it away from the ATO in your platform account won't protect you from paying tax on it.

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Since 1 July 2023, the platforms delivering ride-sourcing, taxi travel, and short-term accommodation (under 90 days), have been required to report transactions made through their platform to the ATO under the sharing economy reporting regime, so expect the ATO to utilise data matching activities to identify unreported income.

Other sharing economy platforms have been required to start reporting (as of the 1st of July 2024). If you have income you have not declared, do it now before the ATO discover it and apply penalties and interest.

If you'd like specific tax advice, please contact our experienced team of accountants. We're based in Stafford and assist clients across Brisbane and beyond. https://mcfillin.com.au/