Australia: Proposal to require reporting by digital platforms

Legislation that would require operators of electronic distribution platforms to report information to the ATO

Legislation that would require reporting by digital platforms

Legislation that would require operators of electronic distribution platforms to report information to the Australian Taxation Office (ATO) relating to transactions facilitated through their platforms has been introduced in the House of Representatives.

The “Treasury Laws Amendment (2022 Measures No. 2) Bill 2022—introduced 3 August 2022—proposes to:

  • Give authority to the Commissioner to direct an entity to complete an approved record-keeping course when the Commissioner reasonably believes the entity has failed to comply with its tax-related record-keeping obligations (as an alternative to existing financial penalties)
  • Require electronic platform operators to provide information to the ATO on transactions made through the platform
  • Remove the $250 non-deductible threshold for work-related self-education expenses
  • Enable small business entities to apply to the Small Business Taxation Division of the Administrative Appeals Tribunal (AAT) for an order staying, or otherwise affecting, the operation or implementation of decisions of the Commissioner that are being reviewed by the AAT
  • Allow individuals aged 55 and above to make downsizer contributions to their superannuation plan from the proceeds of selling their main residence.

Similar legislation was introduced during last parliament but lapsed in the Senate.

 

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