Australia’s gig economy workers may face unforeseen tax obligations due to new regulatory changes in the reporting of side income. Under the Sharing Economy Reporting Regime (SERR), digital platforms such as UberEats, Airtasker, YouTube, and OnlyFans are now mandated to report user earnings directly to the Australian Tax Office (ATO).
Previously, gig economy workers were responsible for self-declaring their side income. With these new rules, however, all earnings from activities like food delivery, casual work, and content creation will be reported, making it impossible for these incomes to remain under the radar. Jenny Wong, CPA Australia’s tax lead, pointed out that these changes align gig platforms with third parties that already submit data to the ATO.
Wong highlighted that the regulatory update encompasses a wide range of services. Incomes from renting out assets, such as parking spaces or luxury items, will also be documented, necessitating tax payments. Moreover, content creators and influencers must report any gifts or gratuities received as remuneration. Wong emphasised that earnings beyond the tax-free threshold of $18,200 must be declared.
For those who earn from advertising and streaming subscriptions, the ATO will expect accurate tax declarations based on total revenue, including any non-cash payments like cars or holidays received as compensation. Depending on individual earnings, the amount owed could be substantial.
Workers are encouraged to declare their earnings, keep precise financial records, understand tax obligations, and consider consulting tax professionals to navigate these new regulations effectively. With the ATO closely monitoring gig economy incomes, awareness and compliance are now more imperative than ever.