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Breaking Down the Tax Deductions for Uber Drivers in Australia

By |September 28th, 2021|Categories: Tax|

Taking off on the road as a professional rideshare driver—be it under Uber, Didi, Ola, Taxis, and more—isn’t as straightforward of a path as it seems. Part of the bumps ahead includes managing your tax obligations every year since, as a rideshare driver, you’re considered as an independent contractor who needs a proactive approach to your taxes.  While you have to take charge of reporting income and expenses in your tax return, along with the registration for Goods and Services Tax (GST), there is one silver lining that can make your experience behind the wheel better: there are plenty of [...]

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

By |August 20th, 2021|Categories: BAS, COVID-19, GST, Tax|Tags: , , , , |

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: Apply for the rebate on MyServiceNSW Follow the steps to apply.  Attach supporting documentation as required. [...]

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

By |July 25th, 2021|Categories: BAS, GST, Tax|Tags: , , , , |

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: COVID-19 Business Grant  JobSaver payment  If your annual turnover is between $30,000 and $75,000, you may be entitled to: COVID-19 Micro Business Grant If you don't meet the eligibility for the above grants then you may be eligible for: COVID-19 Disaster Payment   COVID-19 Business Grant The information below is from the Services NSW website: [...]

How to keep track of expenses for Uber

By |January 5th, 2021|Categories: BAS, COVID-19, Didi, Food Delivery, Logbook, Ola, Shebah, Tax, Uber|Tags: , , , , , , , , |

With the rise of rideshare apps like Uber, DiDi, OLA 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 you to substantiate every expense for your Rideshare business with an invoice. If you can’t [...]

How much can drivers make with Uber?

By |December 8th, 2020|Categories: BAS, Tax, Uber|Tags: |

The expert My name is Michael Kambouridis. I’m a CPA qualified accountant and a co-founder of Rideshare Tax. In order to start my business I drove Uber full-time. I’ve done over 5,000 trips with Uber, OLA and DiDi. My rating was 4.97  and I averaged about $40 per hour on a 30 hour week. Here are my tips and tricks to make the most money as a Rideshare driver. Timing matters  Drive around peak times for the best results. In the city of Melbourne, this is what I found to be the best times to drive inner city suburbs. Weekdays: 6am to 10am – airport runs and taking [...]

$20,000 Early Access to Superannuation for Rideshare Drivers

By |April 20th, 2020|Categories: BAS, COVID-19, Didi, Food Delivery, GST, Logbook, Ola, Shebah, Tax, Uber|Tags: , , , , , , , , |

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 of the following to be eligible: You are unemployed; or You're eligible to receive the Jobkeeper or Jobseeker [...]

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