Sharing economy records – business

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.

Record keeping for motor vehicle expenses depends on the method you use to calculate your claim. For more information about calculating your claim, see Motor vehicle expenses.

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

• include income from ride-sourcing and record how much 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 completed the transactions or acts those 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.

Find out about:

• Records connected to an assessment that's amended
• Index – Record keeping for business

See also:

• The sharing economy and tax
• Ride-sourcing
• ATO app

ATO information businesses that participate in the sharing economy about the records, you need to keep of all related income, expenses and vehicle use.