July 2021

In an attempt to reign in undeclared income, proposed new laws will require platform providers in the sharing economy to report all transactions through their platforms.

 

Traditional employment models have shifted in favour of more flexible options including contracting, self-employment and use of labour hire. Consumers are increasingly paying to ‘use’ rather than ‘own’ assets, creating new income opportunities for the owners of assets – like AirBNB. And, the Government believes they are missing out on tax revenues from these payments – income tax from income earned, GST on ride sharing (because the ATO considers all ride sharing a taxi service and as a result GST applies), and capital gains tax on the sale of property used to earn income, etc.

 

While data matching programs have targeted sharing platforms previously, the proposed laws provide a structured and consistent framework to recognise all revenue earned in Australia through these platforms.

 

The laws target electronic platforms capturing those that act as intermediaries between buyers and sellers, to more complex arrangements where the platform operator assumes much of the inherent risk in the transaction between the buyer and the seller, play a quality assurance role, and ensure a seamless experience for the buyer and seller. The laws do not rely on the platform processing payments and will reach to those who use third party payment providers.

 

If implemented, the laws will apply to ride sharing and accommodation services from 1 July 2022, and all other services from 1 July 2023.

When people consider contacting an accountant in Sydney, they rarely look beyond having their tax returns filed. However, the accountants at The Pen have so much more to offer our clients that extend beyond the yearly tax visit. Here are just a handful of the services we offer at The Pen, so keep them in mind when booking your next financial consultation with us.

 

Business Bookkeeping In Sydney

If you’re running a small to medium business, doing your own bookkeeping is probably taking up a considerable chunk of your time. Why not leave it to the team at The Pen Bookkeeping Studio?

  • More time for the rest of the business. When you allow us to take your bookkeeping off your hands, you’re suddenly left with plenty of spare time to focus on product development, marketing, and customer service.
  • More cost-efficient and scalable. Hiring an in-house accountant can be expensive and unsustainable over the long-term. The Pen offers external, third-party bookkeeping in Sydney to help start-ups and smaller businesses minimise costs. We’re proud of our adaptability, so your tailored accounting strategy can grow with your business.
  • Help with the complicated side of finances. If organising payroll, filing BAS statements and doing monthly, quarterly, and yearly financial reports really aren’t your thing, you’ll be relieved to know you don’t have to worry about them anymore. When you hire the serves of The Pen, we’ll take care of those aspects of your business you really can’t stand.

 

Grow Your Business’s Wealth

Sometimes all you need to grow your business and your wealth is some professional guidance and advice. The accountants at The Pen have decades of combined experience in providing such financial growth advice, so we can help you set achievable targets for your business.

  • Financial management packages. After conducting a health check of your business, we can assess financial opportunities for you to improve your bottom line. We’ll assist you in developing budgets, forecasts, and cashflows so you can keep achieving your business goals.
  • Advisory roles. We’re not just about numbers and taxes; we’re also a valuable business partner. We’re here to provide you with informed business and personal advice that will ultimately support your financial goals. Whether it’s discussing business plans or helping you find a mortgage broker, The Pen are here to help you.
  • Virtual CFO. The Pen offers virtual CFO services at a fraction of the cost of a traditional CFO. Our virtual CFO services offer tools to help you control your finances and aim to help you better understand your financial direction.

 

Your Personal Income Tax

While we offer a vast range of financial services, The Pen also provides traditional tax return services for individuals, sole traders, and businesses. So, if the 1st of July rolls around and you find yourself in need of an accountant in Sydney, give the team at The Pen Tax Studio a call.

  • Efficient and straightforward service. We aim to make our services as convenient as possible for our clients. You can lodge organise a consultation with us face-to-face, over the phone, or via email.
  • We take care of everything. Payroll, GST and BAS, superannuation, and tax return lodgements; your accountant in Sydney will handle every aspect of your accounting and financial management for you.
  • 100% tax compliant. We lodge your returns on time and ensure you are completely compliant with your personal and business tax returns. We work hard to maximise your returns, and all year round we’ll give you regular reminders of upcoming payments, lodgements, and appointments so you’re never caught out.

If You’re Looking For An Accountant In Sydney, Contact The Pen

The Pen are renowned for our financial advisory services, commitment to clients, and premium bookkeeping in Sydney. We’re proud to be the first choice accounting firm for Sydney creatives, and we’re dedicated to providing support, tax advice, and financial strategies to those brave enough to chase their dreams in the creative industries. If you’re after an accountant in Sydney who understands your passion, your drive, and your determination, look no further than The Pen. Contact us today to organise a consultation and find out what we can do for you.