Sharing Economy Taxable Payment Reporting - More Details
The information below is sourced from the ATO website and more details can be found here.
Note that the ATO uses Sharing Economy Reporting Regime (SERR) and Sharing Economy Taxable Payments (SETP) interchangeably.
When SERR starts
Sharing Economy Reporting Regime (SERR) begins for transactions made from 1 July 2023 for supplying:
Why the ATO wants to collect this information
This reporting regime will allow the ATO to:
If you operate an Electronic Distribution Platform (EDP) you must report transactions made through your platform.
Under SERR, an EDP is a service that:
An EDP can be, but is not limited to:
EDP operators must report transactions:
How to report under SERR
EDP operators must prepare their report in the approved form. This is a validly generated XML file.
A report is only considered lodged in the approved form if the form is complete. Failure to properly complete this form may result in an error and rejection of the report. You will need to ensure any errors are resolved before you can re-lodge.
EDP operators that have an ABN need to lodge their report through Online services for business.
Overseas platform operators without an ABN need to lodge via Online services for non-residents External Link.
When to report under SERR
The reporting periods under SERR are:
1 July to 31 December - report must be submitted by 31 January of the following year
1 January to 30 June - report must be submitted by 31 July of that year.