Individuals participating in the sharing economy should be aware that transactions for supplying taxi travel/ride sourcing and short-term accommodation are now required to be reported under the sharing economy reporting regime (SERR).

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That reporting requirement will be expanded for 2024-25 year.

Generally, all operators of electronic distribution 2023–2024 income year must report transactions made through their platform.

However, from 1 July 2024, the SERR will apply to all other reportable transactions of electronic distribution platforms operators, including hiring of assets (consisting of hire of personal assets, storage or business space), food delivery and professional performing tasks and activities will need to be reported.