Sharing Economy Reporting Regime (SERR)
Who does the SERR affect?
While primarily focused on the platforms (Electronic Distribution Platforms or EDPs) that facilitate sharing economy transactions (e.g., Uber, Airbnb, Airtasker, Menulog, car-sharing apps, equipment rental sites), it indirectly impacts small business owners who earn income through these platforms.
What it means for you
If you use an EDP to provide services (like ride-sourcing, short-term accommodation, asset hire, food delivery, or professional tasks), the platform must now report your transaction details directly to the ATO. This includes your identification information and the total payments you receive.
Your responsibility
SERR does not change your existing tax obligations. You are still responsible for declaring all your income from sharing economy activities in your tax return and complying with GST obligations if applicable. The SERR gives the ATO greater visibility of your earnings, making it easier for them to match reported income with your tax declarations.
Information reported
Platforms typically report details such as your ABN (if applicable), name, date of birth, address, email, phone number, bank account details, and the aggregate of transactions over a reporting period.
Key Dates
SERR commenced for ride-sourcing and short-term accommodation from 1 July 2023. From 1 July 2024, it expanded to cover all other reportable sharing economy services and asset hiring. Reports are generally lodged by platforms twice a year (by 31 January and 31 July).
SERR aims to level the playing field by increasing transparency and ensuring that income earned in the digital sharing economy is accurately reported and taxed. Small business owners operating in this space should be aware that the ATO now has direct access to their transaction data from the platforms they use.
For more details see: https://www.ato.gov.au/businesses-and-organisations/preparing-lodging-and-paying/third-party-reporting/sharing-economy-reporting-regime
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