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Reporting Regime for Online Marketplaces coming soon

  • AU
  • October 13th 2021
  • By Suzanne Kneen

Under proposed amendments to the existing Taxable Payments Reporting System (TPRS) provisions, operators of electronic platforms will be required to report information regarding their participating sellers when they make applicable transactions during the reporting period to the tax authority (ATO) for data matching purposes. Broadly, the purpose is stated to be to help the ATO identify entities that may not be meeting their tax obligations. The implementing Bill has been referred to the Senate Economics Legislation Committee for reporting by 14 October 2021.

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