Sharing economy records

If your business participates in the sharing economy, you need to keep records of all related income and expenses, including: 

  • statements from digital platforms showing your income 
  • receipts of any expenses you want to claim deductions for (photo evidence is acceptable)
  • logbooks and odometer readings.

Record keeping for motor vehicle expenses depends on the method you use to calculate your claim. 

Sole traders can keep records by using the ATO app's myDeductions tool. For example, if you’re a ride-sourcing driver, you can: 

  • include income from ride-sourcing and record how much goods and services tax (GST) is included 
  • take a photo of receipts and enter details 
  • indicate that a percentage is for private use 
  • use the 'add trip' function to set up a logbook and record your trips. 

How long you need to keep sharing economy records 

Generally, you need to keep these records for five years from when you prepared or obtained the records, or when you completed the transactions the records relate to, whichever is later. 

You should keep records long enough to cover the period of review (also known as the amendment period) for an assessment that uses information from the record.

Record keeping

Steps Progress

Record keeping overview

10 mins

Tasks and tips

6 mins

Starting your business records

2 mins

Digital record keeping

5 mins

Manual or paper record keeping

2 mins

Banking records

2 mins

Income records

3 mins

Accounting for private use of assets

9 mins

Motor vehicle deductions records

2 mins

Home-based business deductions records

1 mins

Other deductions records

1 mins

Stock and asset records

5 mins

GST records

1 mins

Employee records

7 mins

Car fringe benefits records

1 mins

Expense payment FBT records

2 mins

Contractor records

2 mins

Sharing economy records

1 mins

Cryptocurrency records

1 mins

Records for other taxes

5 mins

Sole trader structure records

4 mins

Partnership structure records

3 mins

Company structure records

3 mins

Trust structure records

1 mins

Changing your business structure records

1 mins

Selling or closing your business records

2 mins

Related courses

1 mins

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