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Everything You Must Know About Saving for Your Uber GST Bill

Taxes are an unavoidable aspect of doing business, and saving for your Uber tax bill can be a slippery slope. It can be tricky to calculate how much tax to deduct from your Uber earnings, and far too often, people end up in hot water with the ATO after tax bills pile up. To avoid tax-time panic, establish a routine for putting money aside for taxes as you go.

In this article, you will learn all about your Uber GST bill and what you can do to save for it.

The Rule of Thumb Percentage

The simplest […]

By |2022-01-12T03:03:09+11:00January 10th, 2022|Categories: GST|0 Comments

How to Properly Lodge a Business Activity Statement in Australia

If your company is based in Australia, you must file Business Activity Statements (BAS) with the ATO, even if you did not conduct any business during the reporting period. 

These statements are used to record and pay several sorts of taxes, such as the Goods and Services Tax (GST) you collected, Pay as You Go (PAYG) instalments or withholding, Fuel Tax Credits (FTC) and Fringe Benefits Tax (FBT) (FBT). Alternatively, if you pay a quarterly PAYG payment, you must additionally file a BAS. 

The BAS is how your tax due is determined. However, the […]

By |2021-12-23T09:30:27+11:00December 20th, 2021|Categories: BAS|0 Comments

Important Tax Details and Reminders for Rideshare Drivers

Uber and rideshare drivers are covered by local taxes, whether they register and submit tax requirements or not. Like all other employed Australians, their work is under the jurisdiction of the Australian Taxation Office and is covered by the Goods and Services Tax (GST).

An organised and detailed record of all financial transactions is important to file proper taxes and receive deductions and exemptions. If possible, use the Rideshare Tax App for the most detailed and error-free tax filings, including claims and exemptions.

These practices are both for good business and proper government obligations. Read up […]

By |2021-10-19T18:52:53+11:00October 14th, 2021|Categories: GST, Tax|0 Comments

$1,500 NSW Rebate on Government fees for Uber, Rideshare and Food Delivery Drivers.

Did you know you may be eligible for a rebate on your NSW car registration and drivers licence fees?

The NSW Government is offering a rebate of up to $1,500 for small businesses (including non-employing sole traders such as rideshare drivers) to claim for NSW and local government fees and charges such as:

  • Vehicle Registration Fee – (Business use fee only)
  • Issue or renewal of a driver licence.

Please see the the full list here of what you can claim:  https://www.service.nsw.gov.au/system/files/2021-08/eligible-fees-and-charges-small-business-fees-and-charges-rebate.pdf#page6

Here’s how it works:

  1. Apply for the rebate on MyServiceNSW
  2. Follow the steps to apply.  Attach supporting documentation as required.
  3. If […]
By |2021-08-20T15:20:45+10:00August 20th, 2021|Categories: BAS, COVID-19, GST, Tax|Tags: , , , , |0 Comments

NSW Income Support for Uber, Rideshare and Food Delivery Drivers. 

The NSW Government is offering financial support to businesses, including rideshare and food delivery drivers who have been impacted by the recent COVID-19 restrictions. Determining your eligibility is mainly based on your annual turnover.

Your annual turnover is above $75,000, you may be entitled to:

If your annual turnover is between $30,000 and $75,000, you may be entitled to:

If you don’t meet the eligibility for the above grants then you may be eligible for:

 

COVID-19 Business Grant

The information below is from the Services NSW website:

If […]

By |2021-07-27T10:13:40+10:00July 25th, 2021|Categories: BAS, GST, Tax|Tags: , , , , |0 Comments

How to keep track of expenses for Uber

With the rise of rideshare apps like UberDiDiOLA and Shebah comes a rise in newly registered drivers. The ATO requires you to have an ABN and operate as a sole trader. Keeping track of your Uber expenses is the most important aspect of running a business as it dictates your profit margin. As they say, it costs money to make money. Here are ways to maximise your tax returns by keeping clean records and to keep the ATO off your back!

What records do I need to keep?

The ATO requires […]

$20,000 Early Access to Superannuation for Rideshare Drivers

Disclaimer

This is not financial advice. You should seek independent financial advice before making changes to your superannuation fund. 

The Changes.

Due to the impacts of Coronavirus, rideshare drivers now have access to 20,000 dollars from their superannuation account. Normally, you would have to wait until you’re 65 before accessing your superannuation. You do not need to pay tax on the amounts released, nor will it have any effect on Centrelink or Veteran’s Affairs entitlements.

Eligibility.

You must satisfy any one or more […]

Income Support for Uber, Rideshare and Food Delivery Drivers. 

Grants Available for NSW

For more information on the grants available for the rideshare drivers in NSW, please see the our latest blog NSW Income Support for Uber, Rideshare and Food Delivery Drivers  for detailed information.

Grants Available for VIC

Business Costs Assistance Program Round Two – Top-Up

If you’ve previously received the Business Costs Assistance Program Round Two grant relating to the  May-June 2021 lockdown, you will receive the Victorian Governments $2,000 top-up into your account in July.

Eligibility

To be eligible for the July 2021 Top-Up Payment, you must have successfully applied for the Business Costs Assistance Program Round […]

By |2021-10-28T20:12:41+11:00March 28th, 2020|Categories: BAS, GST, Logbook, Tax|Tags: , , , , |16 Comments

Rideshare Fact Sheet in other languages

Is English your second language? The ATO has made it even easier for you to understand your tax obligations.  You can read a guide prepared by the ATO, on Ride-sourcing – the basics, in the following languages:

Arabic
Chinese
Dari
Hindi
Korean
Punjabi
Vietnamese

‘What you need to know about your tax obligations”

You can request a copy of “What you need to know about your tax obligations” to be mailed to you directly from ATO. Click here to order your copy now

 

Do you have any questions? Leave a comment below and the Rideshare Tax will respond.

Drive more. Worry less.

 

By |2021-06-20T16:30:06+10:00February 10th, 2020|Categories: BAS, GST, Logbook, Tax|Tags: , , , , |0 Comments
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