Australia: Consultations on draft legislation for reporting exemptions
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The Australian Taxation Office (ATO) has commenced consultations concerning Draft Legislative Instrument Nos. LI 2023/D15 and LI 2023/D16. These draft instruments focus on providing exemptions to particular accommodation and taxi travel businesses from the requirement to report specific supply details through their electronic distribution platforms (EDPs). The outlined provisions of these drafts are as follows:
Transitional Provisions: The draft introduces transitional provisions that offer operators a choice during the initial year of the Sharing Economy Reporting Regime. Operators can select between reporting deferrals or a reporting exemption, applicable until June 30, 2024. To be eligible, the transactions to be reported must be under A$1 million (US$647,068) within a 12-month timeframe.
Reporting Deferral Deadlines: The proposed reporting deferral deadlines are on or before February 29, 2024, for the reporting period ending on December 31, 2023, and on or before September 2, 2024, for the reporting period ending on June 30, 2024.
Exemptions for Low-Risk Transactions: The draft instruments provide exemptions for operators from the requirement to include certain transaction categories in their reports. These transactions are identified as low-risk and have minimal impact on the tax revenue base.
The application of these instruments would be retroactive from July 1. Stakeholders are invited to provide feedback on the drafts by September 12.