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Practical Law tax and reporting update: Legal update, Draft legislation proposes new tax reporting obligations for sharing economy platforms

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The proposed amendments to the Taxation Administration Act 1953 (Cth) would expand the Taxable Payments Reporting Scheme (TPRS), imposing reporting obligations on the operators of certain e-commerce platforms.

The broadly drafted changes are intended to capture sharing and gig-economy transactions and could capture most e-commerce platforms that allow third-party suppliers to supply directly to consumers.

Consultation on the draft legislation closes on 2 August 2021.

By Practical Law Australia Team

Practical Law Australia’s expert legal writers have practical expertise gained from some of the country's leading law firms and corporate legal departments, including Ashurst, Baker & McKenzie, Gilbert + Tobin, Herbert Smith Freehills, the Australian Broadcasting Corporation (ABC) and more. They understand the pressure to deliver timely and cost effective legal advice, which is why Practical Law’s fully maintained practice notes, precedents, drafting notes and checklists offer clear and concise know-how with a practical perspective.

For more information on Practical Law Australia’s legal writing team, visit legal.thomsonreuters.com.au/practical-law-team

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