Income tax, CGT and entities

Sharing economy income

Sharing economy income is income earned through a platform that connects people, such as ride-sourcing, short-term accommodation or task and delivery apps. It is assessable income, whether it is paid in cash or by the platform, and the platform's own reports to the ATO may be used to check it. Deductions are limited to the costs of earning that income and need to be apportioned if the asset, such as a car or spare room, is also used privately. A person who drives for ride-sourcing must register for GST regardless of turnover. A practice should ask for the platform statements and keep logbooks or other records to support the apportionment.

General information, not tax advice. The rules change, so check the source page above for the current position. Fedix is developed by Tax7 R&D Pty Ltd.