The ATO has given notice (in Government Gazette C2017G00611, 5 June 2017) that it is expanding the scope of the data matching program, announced in December 2016, to identify individuals engaged in providing ride-sourcing services – such as Uber. Data will be required for an additional 12 months, ie for the 2016/17, 2017/18 and 2018/19 financial years.
Ride-sourcing facilitators (for example, Uber) and/or their financial institutions will be requested to provide extra details to identify ride-sourcing providers (drivers) and about payments to drivers from identified accounts. Ride-sourcing facilitators provide an electronic platform enabling members of the public to engage the services of a ride-sourcing provider (a driver).
If you have not already sought advice on how to report your ride-sourcing income, then contact us now. With the end of financial year fast approaching, it is important to get on top of your tax compliance now.