ATO take ‘gloves off’ on overseas income
The ATO has again flagged that underreporting of foreign income is an issue, but this time the gloves are off.
Car, caravan and RV sharing
Tax and the enterprise of renting, hiring or sharing their car, caravan or RV sharing If you rent, hire or share your car, caravan or recreational vehicle (RV) through a sharing economy platform, you: must declare the income in your tax return may need to pay goods and services tax (GST) on the amounts you earn…
Car sharing
ATO takes its share of car sharing The extra income earned by people taking part in car sharing services such as Car Next Door or DriveMyCar has come to the attention of the ATO. The car sharing services work by making private cars publicly available in a similar way to other car hire services –…
Business owners find positives in sharing economy
The sharing economy is often held up as a big, bad threat to small business. But more are feeling positively about it than negatively. According to MYOB’s latest Business Monitor release, 75 per cent of businesses felt neither positively about the likes of Uber and Airbnb or negatively about them. However, more said it was…
Renting out a room is rental income
Money you earn from renting out a room in your house is rental income, according to the Australian Tax Office (ATO). This applies to rooms rented by traditional means or through a sharing economy website or app. You can only claim expenses related to the part of the house you rent out and you need…