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$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. 

In response to COVID-19, the Government has announced a variety of Coronavirus Stimulus packages.

Whether you driver for  Uber, Didi, Ola, Shebah or UberEats, drivers have a few payment options to choose from. But which is best?

Jobkeeper Extension – updated 2nd November 2020

What is it?

The JobKeeper Payment is a scheme to support businesses and not-for-profit organisations significantly affected by COVID-19, to help keep more Australians in jobs. The JobKeeper Payment is administered by the Australian Taxation Office (ATO).

The JobKeeper Payment will be available to eligible businesses (including the self-employed) and not-for-profits until 28 March 2021.

How much you can get?

The rate of the […]

By |2020-12-08T23:25:20+11:00March 28th, 2020|Categories: BAS, GST, Logbook, Tax|Tags: , , , , |18 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 |2020-12-08T23:32:34+11:00February 10th, 2020|Categories: BAS, GST, Logbook, Tax|Tags: , , , , |1 Comment

Tax deductions for Uber, Didi, Ola & Shebah drivers

The most frequently asked question by every rideshare driver is “what can I claim in my tax return?” 

We’ve prepared a full list of what you can claim as a Uber driver in your tax return. You’ll need to keep evidence of all your expenses in case you are audited by the ATO.  You can store copies of your receipts and statements in the Rideshare Tax app. If you paid using a card, the expense can be substantiated using a business bank account up to the amount of $82.50 including GST.

Here is a full list of what you can claim:

Expenses claimable […]

By |2020-12-08T23:23:11+11:00February 10th, 2020|Categories: BAS, GST, Logbook, Tax|Tags: , , , , |2 Comments

Who is Rideshare Tax?

Here’s a bit about us and why we’re different…

Who is Rideshare Tax? 

We’re a group of Melbourne-based CPA Accountants and Registered Tax Agents. Highly qualified – we specialise in rideshare. Based in Melbourne, we serve drivers nationwide.

What makes us an expert in tax for Uber and rideshare drivers?

Well, for starters:

  • A team of CPA accountants and registered tax agents, our years of work and our in-depth experience mean that we know just how to reduce your tax
  • One of our founders, who is a CPA accountant, has driven for Uber, Didi and Ola.
  • We have looked at every possible deduction for […]
By |2020-12-08T16:25:34+11:00July 17th, 2019|Categories: BAS, GST, Logbook, Tax|Tags: , , , , |4 Comments

ABN & GST for UberEats and Food Delivery Drivers

The biggest questions among UberEats and Food Delivery Drivers are:  Do I need an ABN? Do I need to be registered for GST?

Rideshare Tax can answer these for you.

It depends on what you do. To make it simple for you, we’ve set up two categories. All you do is pick your category – A or B – then look up the information in your category.

Category A – You ONLY deliver for UberEats or other food delivery company. 

    1. You need an ABN.
    2. You do not need to register for GST if your total income is under $75,000. (Total […]
By |2021-01-14T10:35:12+11:00July 15th, 2019|Categories: BAS, Food Delivery, GST, Logbook, Tax|Tags: , , , , , , |9 Comments

How to be tax ready as a rideshare driver

Don’t get overwhelmed by your tax requirements! Rideshare Tax is here to help you. We will help you complete these 6 simple steps to stay on top of your tax obligations.

Step 1. Apply for an ABN and register for GST

As a member of Rideshare Tax, we will get you registered for your ABN and GST, free of charge. That certainly takes the hassle out of this step!

The ATO requires all rideshare drivers to have an ABN and be registered for GST from the first dollar they earn. This applies even if you only drive occasionally.

Normally an individual must meet certain […]

By |2020-12-08T23:29:30+11:00July 15th, 2019|Categories: BAS, GST, Logbook, Tax|Tags: , , , , |0 Comments

Keeping a logbook for your ridesharing business.

Your car is the most important deduction as a rideshare driver.

Here’s how to save the most with the logbook function!

 

Why do you need a logbook?

Most drivers use their cars for both work and personal trips, therefore they must keep a vehicle logbook to track business use only. Your logbook tells the ATO the proportion of your total car use that’s for your ridesharing business so you can correctly calculate the amount of car-related expenses to deduct (e.g. fuel, registration) to pay less at the end of the financial year.

What the ATO expects from you

The ATO requires you to keep a […]

By |2020-12-09T18:17:28+11:00January 23rd, 2019|Categories: BAS, GST, Logbook, Tax|Tags: , , , , |2 Comments

Don’t go broke during tax time!

The Australian Tax Office (ATO) waits for no man. So when tax time comes around, you want your ridesharing business tax money sitting safely in the bank, ready to jump into action when the tax office snaps its fingers.

Keep it safe. Keep it separate.

Before you can stash away your Uber driver business tax dollars, you need a place to put them. Make sure that you open a separate rideshare tax bank account—as soon as you read this—if you haven’t already done it.

Whatever you do, don’t keep your Uber driver tax money in with your general ridesharing business income. The temptation […]

By |2020-12-08T23:20:06+11:00January 16th, 2019|Categories: BAS, GST, Logbook, Tax|Tags: , , , , |1 Comment
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