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This year the ATO is targeting thousands of Uber drivers and Airbnb hosts earning undeclared extra income from the so called ‘sharing economy’.#Uber #Airbnb #Tax
The Australian Taxation Office said it was “concerned” that people making income from sites such as Uber, Airbnb and Airtasker were unaware they have to declare these amounts on their tax return.
A stern warning has been issued to offenders "You will get caught if you don’t declare money made from these revenue streams".
The ATO’s assistant commissioner Graham Whyte said it would be using sophisticated technology including data matching, data mining and analytics to scrutinise every tax return filed for the 2015-16 financial year.
“If you earn a fee from task sharing for odd jobs or providing a service and it counts as assessable income, you just need to include the income in your individual tax return,’’ he said. "Not declaring the income is a disaster when the ATO is data matching and they will typically come after you.”
The ATO will also this tax time be focusing on travel expenses for employees and making sure people also declare any such rental income.
Read more such updates at http://www.financeandmortgage.com.au/blogs/
