{"id":7975,"date":"2024-02-07T11:00:35","date_gmt":"2024-02-06T22:00:35","guid":{"rendered":"https:\/\/forwardaccounting.co.nz\/?p=7975"},"modified":"2024-02-02T09:47:18","modified_gmt":"2024-02-01T20:47:18","slug":"online-marketplaces-tax-and-you","status":"publish","type":"post","link":"https:\/\/forwardaccounting.co.nz\/online-marketplaces-tax-and-you\/","title":{"rendered":"Online marketplaces, tax and you"},"content":{"rendered":"<p>From 1 January 2024, online marketplaces must disclose information about sellers and transactions on their platforms. This makes income earned on digital platforms covering the sharing and gig economy more transparent to Inland Revenue if you earn income for services such as:<\/p>\n<ul>\n<li>providing short-stay accommodation<\/li>\n<li>providing ride-sharing services for a fare<\/li>\n<li>sharing assets such as cars, caravans\/RVs, parking, or storage space<\/li>\n<li>providing personal services, such as graphic design, creating websites, or odd jobs like deliveries, pet sitting, furniture assembly or trades services<\/li>\n<\/ul>\n<p>Inland Revenue distinguishes between the activities above and others, specifying that those below are NOT considered to be part of the sharing economy:<\/p>\n<ul>\n<li>online selling or classifieds, like Trademe, eBay or Carsales<\/li>\n<li>cryptocurrency exchanges<\/li>\n<li>peer-to-peer finance or crowdfunding<\/li>\n<\/ul>\n<p>But for ALL these activities, if you earn income from them, you need to consider how income tax, GST and other obligations may apply to you. You:<\/p>\n<ul>\n<li>must declare all income you receive in your tax return<\/li>\n<li>can claim certain expenses as income tax deductions<\/li>\n<li>need to keep records of the income you earn and the expenses you incur to earn that income<\/li>\n<\/ul>\n<p>And from 1 April 2024, online marketplace operators must collect and return GST. This applies whether the seller is GST-registered or not and covers:<\/p>\n<ul>\n<li>short-stay and visitor accommodation<\/li>\n<li>ride-sharing and ride-hailing<\/li>\n<li>food and beverage delivery<\/li>\n<\/ul>\n<p>Contact us to discuss how this affects your business.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From 1 January 2024, online marketplaces must disclose information about sellers and transactions on their platforms. This makes income earned on digital platforms covering the sharing and gig economy more transparent to Inland Revenue if you earn income for services such as: providing short-stay accommodation providing ride-sharing services for a fare sharing assets such as [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/forwardaccounting.co.nz\/online-marketplaces-tax-and-you\/\">Read More&#8230;<span class=\"screen-reader-text\"> from Online marketplaces, tax and you<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":7613,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"Online marketplaces, tax and you","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[3,39,6],"tags":[],"jetpack_publicize_connections":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Online marketplaces, tax and you - Forward Accounting<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/forwardaccounting.co.nz\/online-marketplaces-tax-and-you\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Online marketplaces, tax and you - Forward Accounting\" \/>\n<meta property=\"og:description\" content=\"From 1 January 2024, online marketplaces must disclose information about sellers and transactions on their platforms. 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