Do you earn extra money from sharing goods and services?

What is the sharing economy?

The sharing economy connects buyers and sellers, usually through an app or a website. Sometimes sellers may bid against other sellers to win a job.

For example, you may be:

  • providing skilled or trade services, such as creating a website
  • completing odd jobs
  • ride-sourcing – transporting passengers for a fare
  • renting out a room, house or parking space.

What do you have to do?

You’ll have different obligations depending on what you’re doing. Some things to consider are:

  • If you’re providing goods or services for a fee, and it’s not a hobby, it’s assessable income. If you’re registered for GST through your current business, account for GST through your existing ABN and GST registration.
  • If you’re providing ride-sourcing services, you’ll need to charge and account for GST, regardless of your turnover.
  • If you’re renting out your main residence, you don’t need to pay GST but you’ll need to include this rental income in your return.
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