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.

*$=Australian dollar

 

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