Shared Economy Reporting

From 1st July 2024 Careseekers is required to let the Australian Tax Office know about all payments made to workers. This is due to the introduction of the Sharing Economy Reporting Regime (SERR). So, what does this mean for you as a worker providing support through Careseekers? Here is all the information you need about why we need to do this and what it means for you.

What is the Sharing Economy Reporting Regime (SERR)? 

SERR is a new piece of legislation designed to increase transparency between online platforms and the Australian Tax Office (ATO). It applies to digital platforms (like Careseekers) where services are delivered and paid for electronically. Under the SERR, platforms are required to report details of transactions that occur through their service to the ATO. Other platforms that will need to do this are other care platforms like Mable, ride sharing platforms like Uber and house letting platforms like AirBnb.

Why is this happening?

As the sharing economy grows, the government has identified a need for greater transparency between these online transactions and the ATO. This allows for a clearer understanding of income generated through platforms like Careseekers and ensures that tax obligations are met.

When did this come into effect?  

The first phase of the SERR started on 1 July 2023, applying to ride-sharing and short-term accommodation platforms. From 1 July 2024, all electronic platforms, including Careseekers, will fall under this reporting regime.

What does this mean for Careseekers workers? 

Careseekers, along with other platforms, will be required to report details of all transactions to the ATO. For you, this means that all of your support shifts carried out via Careseekers and paid for on the platform will be reported. This includes:

• Every transaction between you and the participant
• Additional details like ABNs and relevant financial information

The goal is to provide the ATO with an accurate reflection of transactions, so it’s important to ensure your tax records are up to date.

How does this impact you? 

The ATO will now have visibility of all your transactions made through the platform, so it's essential that you declare your income correctly when doing your taxes. It's your responsibility as a sole trader to meet your tax obligations, and we recommend seeking independent advice if you have any concerns.

What do you need to do?

To make sure we comply with the new reporting requirements, we may ask you to update some details, such as:

• Personal information (name, date of birth)
• Contact details (address, email, phone)
• Business information (ABN, trading name)
• Financial details (banking info)

It’s important to keep this information up to date, so please ensure your profile on Careseekers is accurate.

For more information about the Sharing Economy Reporting Regime, you can visit the ATO website. If you have any questions about how this affects you, don’t hesitate to reach out to our Careseekers team. We're here to support you through this transition!