What information are sharing platforms giving ATO?
From 1 July 2023, the ATO will demand annual reporting from platforms that facilitate taxi services, including ride sourcing, and short-term accommodation. The regime will be extended to cover all additional channels as of July 1, 2024.
It is anticipated that platform providers will report their transactions to the ATO every six months while the legislative instrument for the reporting regime is in draft.
When it comes to sellers, what kind of data will the ATO have?
For all purchases made through their service, the platforms will provide information about the vendors, such as:
- Include your ABN and business name (if applicable).
- Name (initials, middle name, and last name)
- Individuals’ birthdates
- Your name; Your mailing and/or business address; Your email and phone numbers
- Your bank account information.
- And for sites that help people find temporary lodging:
- The name of the property, its address, and the total number of nights reserved must all be included.
Additionally, each platform will report quarterly aggregate statistics on transaction value, industry classification, total gross income, etc.
Platforms that merely connect buyers and sellers, such as those that provide bids for hiring contractors but don’t actually take the job through the site, are exempt from the reporting regime.