Many types of assets can be shared through an online marketplace.
Examples of sharing assets include:
- 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.
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.
Income tax obligations
When you get a fee for assets you own or lease that you rented out on an online marketplace, you:
- must declare all income you receive in your income tax return
- can 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.
GST obligations
If you rent out all or part of your home for short stays on an online marketplace the listed services rules will apply.
GST for drivers, deliverers and accommodation hosts
If you're renting out or sharing any other owned or leased assets the ordinary GST rules apply. You must:
- register for GST if you have earned or will earn more than $60,000 from all taxable activities including asset sharing fees in any 12-month period
- keep all records of your income and expenses.
If you’re already GST-registered, for example as an IT contractor, you do not need to register again and can use the same GST number.
If you're GST-registered, you can claim GST for expenses related to your business. If you're claiming GST for purchasing an asset, you must split the expense between personal and business use.