Renting out a room or a whole house or unit on a short-term basis, through platforms such as Airbnb, HomeAway or Flipkey sharing assets, including cars, caravans/RVs, car parking spaces, storage space or personal belongings, through platforms such as Camplify, Car Next Door, Spacer, Toolmates or Quipmo. The sharing economy is economic activity through a digital platform (such as a website or an app) where people share assets or services for a fee. If you provide services or assets through a platform for a fee, you need to consider how income tax and goods and services tax (GST) applies to your earnings. You also need to consider if there are any land tax considerations.
Disclaimer: Anyone intending to apply the information to a practical situation should seek professional advice to independently verify their interpretation and the information’s applicability to their circumstances.
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