ATO's Warning on undeclared income

The Australian Taxation Office (ATO) has recently issued a warning that individuals earning income from various sources, such as but not limited to YouTubers, OnlyFans creators and influencers, Airbnb and Stayz.com hosts,  Uber, Placie, DiDi and Shebah drivers, will be prime targets for their data analytics software in a crackdown on undeclared income. The ATO emphasises the importance of accurately reporting all sources of income, including those generated through side gigs or digital platforms.

From 1 July 2023, the ATO will receive data from ride-share and accommodation platforms. The ATO will use their data analytics software to identify discrepancies. By failing to accurately report their earnings in their tax return, they may now find themselves in the ATO's crosshairs.

A hobby becoming a business can be a grey area and it can be hard to tell when that line is crossed. Don't let undeclared income haunt you. Contact Dolman Bateman today at 9411 5422 or book an appointment and let our experienced tax professionals guide you through the process. Stay compliant, maintain transparency, and enjoy peace of mind knowing that you're fulfilling your tax obligations accurately and responsibly.
This blog has been prepared for the purposes of general information and guidance only. It should not be used for specific advice or used for formulating decisions under any circumstances. If you would like specific advice about your own personal circumstances, please feel free to contact us on 02 9411 5422. We can help make sure the right method is used to give you the maximum possible tax deduction associated with any of these methods.