TAX FAQs

Tax FAQs

Sharing Economy Reporting Regime (SERR) Compliance Notice

From July 1, 2024, under the new Sharing Economy Reporting Regime (SERR), Share with Oscar are legally required to report hosts’ earnings from their parking spaces to the Australian Taxation Office (ATO). This initiative is part of the government’s efforts to ensure compliance and proper taxation in the sharing economy sector.

Key Changes Effective July 1, 2024:

Tax Details Requirement: All hosts must have valid tax details added to their Share with Oscar account.
Earnings Reporting: Under SERR, we will report your earnings to the ATO twice a year for the following periods:

(i) 1 July to 31 December
(ii) 1 January to 30 June

How to Update Your Tax Details

To ensure accurate reporting of your earnings, all hosts are required to submit their latest tax information.

To do this, log into your account here and go to ‘Wallet’ > ‘Payment Details’ > ‘Add Payout Details’ and save your details.

Required Tax Information:

Personal

1. Full legal name
2. Date of birth
3. Home address (not the listing address)
4. Contact details

If operating as a Business:

1. ABN and business name
2. Business address

Failure to provide the required information may result in withheld payments for ongoing or upcoming bookings until your tax details are updated.

Understanding SERR and Its Impact

Tax Return Processing: There will be no changes to how your tax returns are processed. You remain responsible for reporting any earnings and deductions from sharing your parking space on your tax return. This does not affect the amount of tax you pay.

Regular Updates: Keep your tax details updated on your Share with Oscar account. It is your responsibility to ensure your account information is current.

Earnings Reporting: Under SERR, we are required to report your earnings to the ATO twice a year for the following periods:

(i) 1 July to 31 December
(ii) 1 January to 30 June

If we do not receive the necessary information, we may withhold payments for your ongoing or upcoming bookings until your tax details are updated.

The ATO has published guidelines on declaring income and expenses from renting out parking spaces. For specific advice, consult with your accountant.