The Australian Taxation Office (ATO), has a new Sharing Economy Reporting Regime (SERR), which requires marketplace platforms such as Hipcamp to report financial information about payments.
Because of this, Stripe, our secure payment processor will request that you fill out some additional information.
If you file taxes as a business and have an ABN, then you can follow the instructions to submit your ABN, name, date of birth, and address.
If you file taxes an individual and do not have an ABN, you will be able to note this and continue to add your name, date of birth, and address without an ABN.
At this time, there are no direct consequences if your ABN/ATO information is incomplete. However, providing this information ensures that your account is fully compliant with Australian tax regulations and helps prevent potential issues that may arise in the future.
As tax reporting requirements evolve, failing to have complete and accurate information on file could result in delays with payouts, or additional steps may be required to update your account. Taking a few minutes to add your details now can help you avoid any disruptions or complications later.
We strongly recommend submitting your ABN/ATO information as soon as possible to keep things running smoothly!