Do you offer accommodation services through an online platform? Did you know the ATO is focusing on the “sharing economy” in 2018? The ATO has stated its intention to use its data matching powers to identify people who have or may be engaged in providing accommodation services through an online platform during the 2016-17 to 2019-20 financial years.
The ATO will also collect details of all payments made by the platforms to accommodation providers including payments made by international entities for the 2016-17 to 2019-20 financial years. The data will allow the ATO to identify taxpayers with tax compliance issues.
The ATO will match the data provided by the platforms against ATO records to identify individuals who rent property on a short term basis but may not be meeting their registration, reporting, lodgment and/or payment obligations. ATO information on this topic can be found here.
If you need advice about this and/or help preparing an accurate tax return get the right advice from our degree qualified accountants. TBC is a CPA practice. Phone or Email Today.
