The ATO has issued a reminder to gig workers and anyone making money from a side hustle that all income must be declared.
A rise in secondary work as the gig economy has gained steam seems to have left many confused as to what they need to include on their tax returns.
Generally, when you provide your labour, skills or goods for a fee, you need to report this income in your tax return. This has included a wide range of activities such as freelancing, setting up a local market stall or receiving income from subscribers through platforms like Patreon, Twitch or OnlyFans.
Taxpayers who think they can hide their secondary earnings should be aware that the ATO receives information from many platforms that facilitate gig economy work. This includes financial institutions, online marketplaces, ride-sourcing applications and short-term rental websites.
Taxpayers can claim deductions for expenses related to their secondary gig, so long as they’ve kept receipts.
Seek proper advice if you are unsure of what you can claim.
Recent Comments