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Earned an 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 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. #taxcompliance #taxreturns #smallbusiness #sharingeconomy #incometax #hemisphereaccounting

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

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

EU set to adopt e-invoicing for VAT In a sweeping change to EU VAT rules, the European council has agreed to go ahead with electronic invoicing and real-time data reporting After two years of debate and negotiations, the European Council has reached an agreement on new measures that will overhaul and modernise the EU’s VAT rules. The key reforms will introduce a requirement for electronic invoices and real-time data reporting, and new rules on VAT liability for bookings for online accommodation rental and passenger transport services carried out through digital platforms, such as Airbnb and Uber. #VAT #EU #DataReporting #Tax #Budget #E-Invoicing #Invoices

The EU’s new VAT regulations will require platforms like Airbnb and Uber to handle VAT collection by 2030, marking a major shift in digital economy compliance. #VAT #EURegulations #DigitalEconomy #VATReform #EUUpdate #DigitalServices #PlatformEconomy #TaxPolicy #Compliance #SharingEconomy #TechRegulation #AirbnbTax #UberTax #EUFinance #BusinessUpdates #GigEconomy

🌟Navigating No Show Tax Refunds: What You Need to Know Missing a flight can be a frustrating experience, but did you know that you might be eligible for a partial refund? In this post, we’ll explore the concept of “No Show Tax Refunds” and break down the key components. What Is a No Show Tax Refund? When passengers miss their flights or fail to show up for a scheduled departure, airlines typically retain the base fare. However, certain taxes and fees are refundable. These include: User Development Fee (UDF): This fee is charged by airports for passenger facilities and services. It varies based on the airport and is usually included in your ticket price. Airport Development Fee (ADF): Similar to the UDF, the ADF contributes to airport infrastructure development. Again, the amount depends on the specific airport. Passenger Service Fee (PSF): The PSF covers services provided to passengers, such as security, baggage handling, and passenger amenities. How to Claim Your Refund Contact the Airline: If you miss your flight, promptly inform the airline. They will guide you through the refund process. Provide Documentation: Airlines may require proof of your no-show status, such as a doctor’s note (if you missed the flight due to illness) or other valid reasons. Be Aware of Deadlines: Refund requests must be submitted within a specific timeframe. Check the airline’s policy for details. Exceptions and Considerations Non-Refundable Fares: If you purchased a non-refundable ticket, you won’t receive any refund for the base fare or taxes. International Flights: No show tax refunds vary by country and airline. Some countries have stricter rules, while others are more lenient. Booking Channels: Refunds may differ based on whether you booked directly with the airline or through a third-party platform. Conclusion Next time you miss a flight, remember that not all is lost! Understanding the nuances of no show tax refunds can help you navigate the process and potentially recoup some of your expenses. Safe travels! ✈️🌎 Disclaimer: Always check with your specific airline for their policies regarding no show tax refunds. This post provides general information and should not be considered professional advice #india #money #education #travel #management #productivity

Nothing like up skilling over a delicious lunch. Great to have the team from Deloitte NZ in the office for our latest monthly Lunch and Learn session outlining some changes to tax rates. These included an increase to the trustee tax rate to align with the top personal tax rate of 39%; changes to the bright-line test for residential properties; and the so-called ‘app tax’. This relates to GST-registered online marketplace operators collecting and returning GST on listed services in NZ such as ridesharing, food delivery, and short-term accommodation from the sellers (drivers, delivery persons and accommodation hosts). The key takeaway? Any time there is a change in tax it is important to obtain advice from a tax specialist to understand how the changes may affect you. If you would like to review your trust structuring, Haigh Lyon can assist. #Tax #HaighLyon #Team

Get a refund on your missed flights😱 So, in case you miss a flight, you can still claim a no-show tax refund. You can get a refund for statutory taxes, the user development fee, the airport development fee, the passenger service fee, etc. To claim a refund, go to the airline’s website, click on ‘Edit Booking,’ enter your PNR number and email ID, and there you will see an option to get the refund. I hope you never miss your flight, but if you do, you know what to do. Share this reel with that friend who is always late for the airport, and follow BingeWealth for more videos like this.

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

Explore expert insights on tax mobility in international business with Eurofast. We offer custom solutions to mitigate risks and optimize tax outcomes for business travellers. Discover strategies to empower both travellers and employers, including managing tax residency and avoiding permanent establishment risks. Stay ahead of the game and learn more today. #taxmobility #internationalbusiness #Eurofast