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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 [...]

Income Support for Uber, Rideshare and Food Delivery Drivers. 

By |March 28th, 2020|Categories: BAS, GST, Logbook, Tax|Tags: , , , , |

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 [...]

Rideshare Fact Sheet in other languages

By |February 10th, 2020|Categories: BAS, GST, Logbook, Tax|Tags: , , , , |

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 [...]

Tax deductions for Uber, Didi, Ola & Shebah drivers

By |February 10th, 2020|Categories: BAS, GST, Logbook, Tax|Tags: , , , , |

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 [...]

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