Draft legislation to implement a reporting regime for sharing economy platform providers has been released.  This draft legislation is a result of a recommendation by the Black Economy Taskforce which noted that the growing gig and sharing economies meant that traditional tax administration mechanisms need to evolve to ensure prevent tax transparency gaps.

The draft legislation applies if the supply is connected with the indirect tax zone.  CA ANZ’s submission requested that a Law Companion Guide be created to provide practical guidance on how to identify such transactions.  

The draft legislation does not require reporting of the transfer of ownership of goods or real estate.  CA ANZ requested that the draft legislation and accompanying materials provide better detail about the meaning of transfer of ownership and lists several examples where clarity is required.