June 17, 2021
Australian Tax Authorities (Like Canada) Are Going After Gig & Sharing Economy Workers
If you’re making a little extra cash delivering food for UberEats or renting a spare room out on Airbnb, listen up — the Australian Tax Office is coming for your side hustle.
The economic impact of the pandemic will likely mean a record number of Aussies this financial year will declare income earned through the gig economy, whether that money has been made via a platform such as Uber, AirTasker or Deliveroo, or cashies from odd jobs.
The ATO, of course, is out to catch the people who don’t register that income, either accidentally or deliberately.
CPA Australia senior manager of tax policy Elinor Kasapidis told The West Live the gig economy would be a particular area of focus for the ATO this tax time.
And Ms Kasapidis said the nation’s tax agency wouldn’t hesitate to issue criminal and administrative penalties (let alone big tax bills) to people who think they can game the system.
It looks like there is global coordination at the OECD level and if you are in the Gig and Sharing Economy the likelihood of an audit has increased substantially.
We previously reported that the CRA (Canada Revenue Agency) has this as a new focus area of audit : https://www.linkedin.com/feed/update/urn:li:activity:6797522340055003136
Looks like ATO (Australian Tax Office) is doing the same.
If you are a Gig Economy worker in Australia & Canada you’ll want to make sure all of your tax deductions are substantiated and clear separation exists between your work life/expense and your business/gig economy expense.
If you are a driver for Uber, Uber Eats, GrubHub, Skip The Dishes, Lyft, Postmates, DoorDash, Instacart, Bolt, etc. you’ll want to be using our #MobileCostManagement offering to make sure that you are only claiming the business usage of your cellphone.
Video on the $1,000 tax deduction that we can get you : https://www.linkedin.com/feed/update/urn:li:activity:6775461054710468609/
Why carry 2 phones when you can carry just 1 and separate your Gig usage from your personal usage?
Save yourself the extra cost of $80+ per month (hardware and plan) of the 2nd gig line!
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Australian Tax Authorities (Like Canada) Are Going After Gig & Sharing Economy WorkersBack