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