Fees paid to you when you share an asset are taxable income. You may also have to pay goods and services tax (GST) on asset sharing income.
Many types of assets can be shared through a platform, including:
- personal assets like bicycles, boats, cars and caravans/recreational vehicles through platforms such as MyCarYourRental, Mighway, YourDrive or Get My Boat
- storage or business space like car parking spaces, offices and kitchens through platforms such as Parkable, Parkhound or Sharedspace
- personal belongings like tools, equipment and clothes through platforms such as ShareGear, EquipmentShare and Quipmo.
When you get a fee for assets you own or lease that you rented out on a digital platform, you:
- must declare all income you receive in your income tax return
- are entitled to claim certain expenses as income tax deductions
- need to keep records of the income you earn and of the expenses you can claim as deductions.
Renting out all or part of your home on a short-term basis has different rules you need to consider.