The Collective Team’s Post

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

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

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

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

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

🚗🏠 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

Beyond revenue, further regulation is likely to ensure that private gain from short-term rentals is not at the expense of supply of long-term accommodation. Read the full article: The AirBNB Tax ▸ https://lttr.ai/ASQ6u #‘AirbnbTax #asbconsultingandtax #accountant

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!

If you own a short-term rental, then lookout - "App Tax" is coming! While the details are still a work in progress, changes are coming April 1st for those who own and rent out (on a short-term basis) a room in their home, their bach or an investment property. In 2023 legislation was passed to make all “Electronic Marketplace” transactions subject to GST in New Zealand, even if the person delivering the service, e.g. the home owner, is not GST registered. This means property platforms like AirBnB, Booking.com, Expedia and Vrbo are all having to update their software to allow for the collection and payment of GST to the IRD. This will also affect other apps like Uber and Uber Eats too. Click below to read the full article and how this App Tax will affect not only property owners, but also those who have booked properties after the 1st April. #apptax #nztax #nzaccountants #nzpropertytax