Treasury has released for comment exposure draft law that seeks to give effect to the Federal Government’s announcement in its 2019-20 Mid-Year Economic and Fiscal Outlook that it would introduce a third-party reporting regime for the sharing economy. A Fact Sheet was also released and summarises the key aspects of the proposal.
Under the proposed amendments to be made to the existing Taxable Payments Reporting System (TPRS), operators of electronic platforms will be required to report information regarding participating sellers to the Australian Taxation Office (ATO) for data matching purposes. Broadly, the purpose is stated to be to help the ATO identify entities that may not be meeting their tax obligations.
Source PwC
Latest Posts in "Australia"
- Australia Introduces Bills to Pause Draught Beer Tax Indexation for Two Years
- Australia-UAE Free Trade Agreement Comes Into Effect
- Australia Establishes E-Invoicing as Default in Federal Procurement
- Australia Proposes GST Updates for Copyright and Digital Media to Modernize Tax Frameworks
- ATO Proposes New GST Rules for Copyright and Multimedia Transactions in Australia
