Do you rent, hire or share your car, caravan or recreational vehicle (RV) through a sharing economy platform (e.g. Camptoo)? If you do, then be aware:
- You must declare the income in your tax return
- You may need to pay GST on the amount you’re earning if your turnover exceeds $75,000pa
- You may be entitled to claim expenses as income tax deductions e.g. registration, repairs
- You may be entitled to claim GST credits if you are registered for GST
- You need to keep records of your income and expenses
For further information contact our office or refer to ATO
