The Black Economy Taskforce report was released in October 2017 with the taskforce noting the need for a compulsory reporting regime for the sharing economy “in the absence of a comprehensive reporting framework for workers that poses risks of non-compliance”. They recommended that operators of sharing economy websites should be required to report payments made to their users to the ATO and also noted that requiring changes to IT infrastructure to ensure accuracy and privacy was likely to impose compliance costs on businesses operating in the sharing economy.
Professionals Australia CEO Chris Walton welcomed the move saying that operators of sharing economy websites can legitimately be expected to invest in upgrading their IT infrastructure to put in place proper reporting structures. “This is a cost that businesses should rightly cover in the same way that other employers must comply with reporting and business obligations and infrastructure expenses. Running a sharing economy website should not be an opportunity to avoid the costs attached to such requirements,” he said.
The Government has released a consultation paper and is seeking views on how an effective architecture for reporting on income received from sharing economy platform providers might operate. Closing date for submissions is 22 February 2019.