While the legislative instrument for the reporting regime is still in draft (see LI 2022/D27), it is expected that platform providers will report their transactions to the ATO every six months.
What information on sellers will the ATO know?
The platforms will submit data on the sellers for transactions on their platform including:
In addition, the platforms will provide aggregate quarterly data on the value of transactions, industry types, total gross income etc.
The reporting regime does not include platforms that simply match suppliers to sellers and are not engaged in the transaction such as quotes for hiring tradies where the job is not accepted through the website.