Australia: Proposed reporting requirements for the sharing economy

Rules would require operators of electronic distribution platforms to report information relating to transactions facilitated through their platforms

Rules would require operators of electronic distribution platforms to report information

Legislation to implement a reporting regime for the sharing economy—rules that would require operators of electronic distribution platforms to report information to the Australian Taxation Office (ATO) relating to transactions facilitated through their platforms—was introduced into parliament on Wednesday 25 August 2021.

The “Treasury Laws Amendment (2021 Measures No. 7) Bill 2021” proposes to:

  • Require electronic platform operators to provide information on transactions made through the platform to the ATO
  • Facilitate the closure and any transitional arrangements associated with Australian Financial Complaints Authority replacing the Superannuation Complaints Tribunal
  • Remove a $250* non-deductible threshold for work-related self-education expenses

$=Australian dollar

 

 

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