Australia: Status of legislation to implement a reporting regime for the “sharing economy”
Legislation that would implement a reporting regime for the “sharing economy” was passed by the House of Representatives
Legislation passed the House of Representatives
Legislation to implement a reporting regime for the “sharing economy” that would require operators of electronic distribution platforms to report information to the Australian Taxation Office (ATO) relating to transactions facilitated through their platform, was passed by the House of Representatives on 18 October 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 the $250* non-deductible threshold for work-related self-education expenses
The bill now goes to the Senate for its consideration.
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.