From 1 July, 2024, there will be changes to the reporting requirements of Mable to the ATO. What does this mean for the people who provide support through the platform?
What is the Sharing Economy Reporting Regime?
The Sharing Economy Reporting Regime (SERR) is legislation that impacts electronic distribution platforms (platforms where their service is delivered online).
The legislation requires electronic distribution platforms to report on transactions that sellers make through their platforms to the Australian Taxation Office.
The SERR is a response to Australia’s growing sharing economy and the need for more transparency between transactions on electronic platforms and the ATO.
When did the Sharing Economy Reporting Regime come into effect?
The SERR came into effect on 1 July 2023 for certain types of electronic distribution platforms. These included ride-sourcing and short-term accommodation.
From 1 July 2024, it will apply to all electronic distribution platforms that operate under the sharing economy. This includes Mable.
What does this change mean?
These new reporting requirements mean that Mable, and other electronic distribution platforms, will need to report on transactions that occur through their platforms to the ATO.
What does Mable need to report to the ATO under the SERR?
Under the SERR, electronic distribution platforms will need to report transactions:
- That occur through the platform and within Australia
- That occur between users on the platform, and end in payment.
In Mable terms, we will need to report on every support shift that is delivered through the platform. This is because all support shifts occur between Mable users, end in payment and occur within Australia.
We also have to supply the ATO with additional information such as a list of everyone who is using the Mable platform, their ABNs, and transaction data as required.
To find out more about transactions reportable under the SERR, visit the ATO website.
How does this impact me?
Under the SERR, the ATO will have a record of all transactions occurring through the Mable platform, meaning the ATO will have clearer visibility of who is declaring their income correctly and who is not.
As a sole trader, it is your responsibility to ensure you are declaring all of your income correctly.
The SERR does not impact tax or pay rates for individuals. Please obtain your own independent advice if you have any further concerns.
What do I need to do?
We may ask you to update your details so that we can meet the new reporting requirements. The details you may need to update include:
- Personal details (name and date of birth)
- Contact details (address, email and phone)
- Business details (ABN and trading name)
- Financial identifiers (bank details).
Please ensure all of your details are correct to help us in this transition.
You can read more about the SERR on the ATO website.
For more information about your tax obligations as a sole trader, explore the Mable Tax Benefits Program.
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