Thanks to the advancements of digital technology having multiple sources of income and having a number of different side hustles to support yourself has never been easier. The share economy is allowing people from all over the world to make extra money on top of their normal 9 to 5 job. Here are some ways Australians can take advantage of the share economy and make extra money.
Airbnb is a significantly popular way for Australians to make additional income on the side. With this in mind it is important to think about and look out for a number of tax implications associated with Airbnb.
Airbnb provides Australians with a fantastic opportunity to rent out that spare room without the long-term commitment. It can also be a handy way to lease a holiday home that would be quiet for much of the year.
Rent Out Your Pool
Making sure that your pool remains sparkling and algae-free certainly isn’t a cheap process however there’s a way to get these backyard swimming spots earning their keep.
Some people are making anywhere between $5,000 and $10,000 a month or $30,000 a year by letting people rent out their pool on a platform called Swimply.
Rent out Your Garage or Shed
Empty sheds or garages can also be rented out via a platform called Spacer. Help a hoarder out and earn around $400 a month, or potentially around $4,800 a year.
Spacer can be best described as is an online marketplace for self-storage. The platform was founded in 2015 and based in Sydney. Spacer allows people to rent excess space to other people. Spacer has similar features to Airbnb and ride-sharing apps.
Uber and Other Rideshare Apps
Uber has become a popular way for Australians to earn additional income. However, drivers can find themselves potentially getting into serious tax related problems unless they do it right.
The concept of being an Uber driver is unique and gives drivers a flexible opportunity to earn additional income for anyone who owns a good quality car.
Other popular Rideshare apps available in Australia include; Didi and Ola.
There is also a rideshare app called Shebah. Shebah brands itself as the only all-woman rideshare company in Australia. The purpose of Shebah is to offer safe and secure rides for women by women. Women, women with children, and men travelling with kids are permitted to ride. Men aren’t allowed to ride shotgun via Shebah.
Rent Out Undercover Car Spots
For the past 12 months, Charlotte Ward has been renting out two undercover car spots at her home in Bondi Junction in Sydney’s eastern suburbs for $240 a month via a platform called Parkhound.
She says that the extra $480 she makes each motnhs month allowed her and her housemate, who both don’t drive, to leverage the extra earnings they made through Parkhound to snag a better rental than they would otherwise have been able to afford.
It can be revealed that people renting out their empty car spaces on the app earn on average $300 a month, or $3,600 a year.
Ward is no stranger to the sharing economy. Back in the days of overseas travel, she used to rent out her room on Airbnb to help fund her trips.
“I think people can make extra money just from the existing assets that they have that they might not realise,” says Charlotte Ward.
Take Care of Someone’s Dog or Cat
Another way to make money via the share economy is to look after someone’s pet dog or cat when they are on holidays.
This can be done by signing up to a service called Mad Paws. Mad Paws can be best described as a Pet Sitting service through which a pet care professional minds your dog, cat, puppy, bird, or other pet.
All depending on the preferences of the Pet Owner, Pet Sitting can occur either at the owner’s house or at the sitter’s house.
In the case of the former, pet sitters can offer pet house sitting, by which they mind your home and your pet. Pet sitting can span for as long as the pet owner needs, from overnight to months at a time. Pet Sitting is also sometimes known as Dog Boarding, Cat Boarding, or Pet Boarding.