Rideshare - Your Tax Return Obligations

First of all, you need to get an ABN, must be registered for GST (the usual $75,000 turnover threshold doesn’t apply for taxi services) and do quarterly Business Activity Statements (BAS’s) to report the GST you collect from your clients and the GST you pay on the expenses relating to your business.

To enable us to assist you to claim as many expenses as possible and therefore keep your tax bill down you will need to keep certain records.

You will need to do and keep the following

• Weekly fare breakdowns (including GST) - download from Uber

• 12-week logbook for your vehicle (we can provide)

• 4-week logbook for your mobile phone (we can provide)

• A spreadsheet (we can provide) to track the following expenses 

  • Motor Vehicle expenses (fuel, repairs & maintenance, rego & insurance)

  • Uber Commissions costs

  • Tolls & airport parking fees

  • Drivers Authority fees

  • Insurances (public liability)

  • Materials and supplies(consumables) used in your vehicle

  • Mobile phone costs

  • Postage & stationery costs

  • Other tools & equipment

GST will have to be sent to the ATO each quarter after we do the BAS, so you will have to make sure you put 10% of everything you receive from Uber aside for that purpose (What Uber puts into your account is not all yours. 10% of it belongs to the taxman).

Another thing to remember is that you will need to pay income tax on any profit you make, and nothing is being withheld from it like an employer would, so you will need to put some aside yourself so you can pay the tax when it’s due. If you have a normal job and just do Uber on the side, the tax on the Uber profit will probably be higher than if you were just doing Uber, so discuss with us how much extra you need to put aside.

The most important thing to know is – ‘You are not alone‘

If you have any questions, please ask

Note that the information provided is general in nature and subject to change, please contact one of our professionals who can evaluate your circumstances and provide more accurate advice to your current situation.