Geraldene Dobson’s Post

Earned an income from the sharing economy? It’s essential that any income earned from sharing economy platforms like Uber, Airbnb, Stayz, etc., is declared in your tax return. Since 1 July 2023, the platforms for ride-sharing, taxi travel and short-term accommodation (under 90 days) have been required to report transactions made through their platform to the ATO under the sharing economy reporting regime. As of July 1, all other sharing economy platforms are subject to the same requirements. This means that FY 2023- 24 is the first year that the ATO will have the income tax returns of taxpayers to match to this data. With this information, the ATO will now know if any income is not declared - meaning you may receive a "please explain" request from the regulator if you don't declare it! 💻 www.collectiveteam.com.au #sydneyaccountant #sharingeconomy #taxnews #charteredaccountant

It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return. Since 1 July 2023, the platforms delivering ride-sourcing, taxi travel, and short-term accommodation (under 90 days), have been required to report transactions made through their platform to the ATO under the sharing economy reporting regime. 2023-24 is the first year that the ATO will have the income tax returns of taxpayers to match to this data. https://lnkd.in/gfRzDf6A

Have you earned income from sharing economy platforms like Airbnb, Stayz, Uber, etc.? It is essential that you declare it in your tax return. Since 1 July 2023, platforms delivering ride-sourcing, taxi travel, and short-term accommodation (under 90 days), have been required to report transactions made through their platform to the ATO under the sharing economy reporting regime. 2023-24 is the first year that the ATO will have the income tax returns of taxpayers to match to this data. All other sharing economy platforms will be required to start reporting from 1 July 2024. This reporting regime, combined with the ATO’s data matching programs, mean that if income is not declared, it’s likely you will receive a “please explain” request from the regulator. If you need assistance with what you should be declaring or claiming at tax time, book an appointment with our experts. leadgroup.com.au/contact

𝗘𝗮𝗿𝗻𝗶𝗻𝗴 𝗶𝗻𝗰𝗼𝗺𝗲 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝘀𝗵𝗮𝗿𝗶𝗻𝗴 𝗲𝗰𝗼𝗻𝗼𝗺𝘆? It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return. Since 1 July 2023, the platforms delivering ride-sourcing, taxi travel, and short-term accommodation (under 90 days), have been required to report transactions made through their platform to the ATO under the sharing economy reporting regime. 2023-24 is the first year that the ATO will have the income tax returns of taxpayers to match to this data. All other sharing economy platforms started reporting on 1 July 2024. Need help managing your tax obligations? We'd be delighted to assist - https://lnkd.in/ggUAVinc #tax #taxtime #accounting #eofy #bookkeeping #businessfixers #businessgrowers #futureproofers

Should short-term rental platforms like Airbnb have to collect and report VAT on behalf of their users? Last month the Economic and Financial Affairs Council (ECOFIN) discussed VAT in the Digital Age (ViDA), a proposal to reduce VAT fraud in the EU. New obligations for short-term rental and passenger transport platforms is the first of ViDA's three pillars. It's hoped that these new regulations will level the playing field for SMEs and overall make compliance simpler for individuals and small businesses. Last month's meeting was unable to come to a consensus, as Estonia's finance minister raised some key objections. The likelihood of platforms imposing additional costs on consumers and SMEs is among them. We'd like to hear what you think - do you think this a good idea, or do you agree that we'll see costs rise? #TaxCompliance #PlatformEconomy #SalesTax

🚗🏠 Side hustle on Uber or Airbnb? The ATO is watching! New reporting rules for sharing economy platforms are in effect. Learn what this means for your tax return and how to stay compliant. Don't get caught out! 🧾 https://hubs.la/Q02HLBn40 🚗🏠🧾 #SharingEconomy #TaxCompliance

Understanding Taxes in the Platform Economy Navigating the world of taxes can be challenging, especially in the ever-evolving platform economy. Whether you're ridesharing, renting out property, or even influencing on social media, it's essential to stay informed about your tax obligations. Sharing Economy: If you're earning through ridesharing platforms like Uber or Lyft, or renting out space via Airbnb or VRBO, make sure you report all your income, including tips. Don't forget to claim any expenses related to your earnings. GST/HST: For both ridesharing and short-term rentals, the goods and services tax/harmonized sales tax (GST/HST) applies. Be proactive about registering, collecting, and remitting these taxes to the Canada Revenue Agency (CRA). Income Type: Understand whether your rental income is considered rental income from property or self-employment business income. The classification affects how you report it on your tax return. Stay compliant and maximize your tax benefits by keeping detailed records and seeking professional advice when needed. Contact us for more detailed information, we are here to help. #Accounting #TaxAdvice #PlatformEconomy #SharingEconomy #GigEconomy #Taxes #Ridesharing #AccommodationSharing

Thanks to Bryce Kander for hopping on the latest episode of the podcast to provide his analysis of the Central Alberta Airbnb market and to give some tips for maximizing the return you see on your investment property! If you are in need of an investment minded real estate agent, Bryce is your guy!

Have you used AirBnB to rent out your property? Did you realise, income received for renting your property should be declared to HMRC? Like lots of big organisations, AirBnB are now required to provide to data to HMRC in relation to transactions on its platform. This means if you have used them to list your UK property, or you have used them to list an overseas property and are required to pay UK tax, then HMRC could well know about it. What does this mean? HMRC will be reviewing the data and checking it to their records. If they discover AirBnB income they don't know about, then they will be in touch with you. HMRC could launch investigations on all your income going back several years. This could mean penalties, tax and interest that you weren't expecting. So what do you do now? Don't bury your head in the sand and hope the tax man doesn't catch you! Let us help you resolve things. We can review your position, ensure any tax bill is as low as possible, and put things right with HMRC. Get in touch on 0115 956 9452, email us at info@marshallsmalley.com or drop us a DM. #accountantNottingham #accountantGedling #AirBnB #rentalincome

Have you used AirBnB to rent out your property? Did you realise, income received for renting your property should be declared to HMRC? Like lots of big organisations, AirBnB are now required to provide to data to HMRC in relation to transactions on its platform. This means if you have used them to list your UK property, or you have used them to list an overseas property and are required to pay UK tax, then HMRC could well know about it. What does this mean? HMRC will be reviewing the data and checking it to their records. If they discover AirBnB income they don't know about, then they will be in touch with you. HMRC could launch investigations on all your income going back several years. This could mean penalties, tax and interest that you weren't expecting. So what do you do now? Don't bury your head in the sand and hope the tax man doesn't catch you! Let us help you resolve things. We can review your position, ensure any tax bill is as low as possible, and put things right with HMRC. Get in touch on 0115 956 9452, email us at info@marshallsmalley.com or drop us a DM. #accountantNottingham #accountantGedling #AirBnB #rentalincome