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Why your Uber fares and Airbnb rental fees are about to skyrocket | Daily Mail Online

Uber drivers and Airbnb hosts will no longer be able to dodge taxes on their earnings under a controversial new rule set to see a huge jump in prices for consumers.

The federal government will enforce a compulsory reporting system to ensure the 11 million Australians signed up with sharing-economy platforms have no choice but to pay their taxes.

Treasury will release a discussion paper on Wednesday outlining the rules for the estimated $15billion industry, which could have drastic flow-on effects for millions of consumers across Australia.

Finance experts say the new rule could see Airbnb rental fees skyrocket and Uber fares increase as casual workers quit and supply for their services increase.

Major industry players including Uber, Airbnb, Airtasker, Deliveroo and Uber Eats – who mainly have their headquarters overseas – will all be affected by the new law.

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Why your Uber fares and Airbnb rental fees are about to skyrocket | Daily Mail Online.

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