Starting on July 1st, 2023, there will be a new reporting requirement for platforms that provide taxi services, such as ridesharing, as well as short-term accommodation. These platforms will need to report their transactions to the ATO annually. Beginning on July 1st, 2024, this reporting requirement will be expanded to include all other platforms.
We should note that despite the legislative instrument for the reporting regime still being in draft (LI 2022/D27), platform providers are expected to report their transactions to the ATO on a biannual basis, every six months.
What information on sellers will the ATO know?
The platforms will submit data on the sellers for transactions on their platform including:
- ABN and business / trading name (where applicable)
- First, middle and surname/family name (for individuals)
- Date of birth (for individuals)
- Residential or business address
- Email address and telephone numbers
- Bank account details.
- And, for platforms facilitating short-term accommodation:
- Listed property name
- Listed property address
- Number of nights booked.
Furthermore, the platform providers will furnish summarized data on a quarterly basis including transaction value, types of industry, overall gross income, and other relevant information.
Platforms that merely act as intermediaries connecting buyers and sellers, and are not involved in the actual transaction, are excluded from the reporting regime. For instance, platforms that only provide quotes for hiring tradespeople, and where the job is not accepted through the platform, are not required to report.
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