Airbnb welcomes improved data sharing framework to make tax simpler
Airbnb has welcomed the announcement of a new data sharing framework to make it easier for people sharing their homes to pay their taxes in Australia.
The move will also make it simpler and more convenient for ordinary Australians to use their homes to make extra income and help drive economic growth in their communities and support local jobs.
As part of the 2019-20 Mid-Year Economic and Fiscal Outlook (MYEFO), the Australian Government yesterday announced the introduction of a new third-party reporting regime, also known as a data sharing framework, for the sharing economy.
The new framework will replace and improve existing data sharing arrangements between Airbnb and the ATO. Crucially, the new legislation will apply to all sharing-economy platforms.
The new framework will require sharing economy online platforms to report identification and income information regarding participants to the ATO for data matching purposes. It will apply to a variety of platforms and providers from 1 July 2022.
Derek Nolan, Airbnb’s Head of Public Policy for Australia and New Zealand, said the company had long publicly supported the development of an improved data sharing framework and welcomed the Australian Government’s move to implement one.
“While Airbnb already shares considerable information with the ATO, we’ve long maintained that the current difficult-to-navigate tax system is acting as a barrier to everyday Australians using their homes to not only earn extra income, but to bring additional tourist dollars to local small businesses so they can grow jobs,” Mr Nolan said.
“We welcome the Australian Government’s move towards implementing a formalised industry-wide data sharing framework that will simplify this process and make it easier for hosts to meet their obligations.
“Airbnb has been a consistent and vocal supporter of a comprehensive data sharing framework for the Australian sharing economy. By making it as easy as possible for people to pay their taxes, more Australians will be able to play a greater role in boosting tourism and generating more local jobs.
“We stand ready to work with the Government on finalising the design and implementation of a new simple, mandatory framework that supports the social and economic benefits the sharing economy gives ordinary Australians.”