The Tax Implications Of The Sharing Economy: What You Need To Know
In Australia, any income earned by a job may be considered taxable income. Those who receive their income via the sharing economy are no exception to the rule.
In Australia, any income earned by a job may be considered taxable income. Those who receive their income via the sharing economy are no exception to the rule.
The inexpensive and profitable side hustle is under the ATO’s watchful eye when it comes to declaring income this tax season. With many gig economy workers often earning their income as independent contractors, the ATO warns that a failure to report all income from all of the work that they carry out could land them with severe penalties.