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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 |2021-07-08T14:12:23+10:00January 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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