Digital Platform Income

Income earned through digital platforms or apps, known also as sharing economy income, does not automatically pre-fill into your tax return.

Such income includes:

Ride sourcing, taxi, limousine or delivery services
Short term accommodation or property sharing
Renting or hiring out assets (e.g. vehicles, equipment or car parking)
Creating or selling digital content, digital goods or online entertainment or
Task based, freelance or on demand services arranged through online platforms

Any income received is assessable and must be declared on your tax return; expenses for the percentage that is related to such income may be claimed.

Therefore, it is essential that records are kept to substantiate both the income and expenses, such as:

Statements or invoices showing the income earned
Receipts or invoices for the expense being claimed
A logbook or ATO app for tracking trips for ride sourcing
A diary or similar to log time spent on task based, freelance or on demand services

Platforms report income earned through their services to the ATO under the Sharing Economy Reporting Regime (‘SERR’). The ATO then uses this data to cross check whether income has been reported correctly.

For further information, please contact our office.