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Don’t forget sharing economy income
Money that you earn from “gig” jobs through platforms like Uber, Airtasker and Airbnb, such as transporting passengers or renting out a room or house, counts as your assessable income.
This means you must declare it on your tax return. And, be aware the platform sends the income details direct to the Australian Taxation Office for their data matching surveillance.
Depending on your gig activities and expenses, you may also be able to claim deductions related to this type of income, but it’s important to keep evidence to support your claims. Smart taxpayers tell their tax agent well before year end.
AcctWeb