Recent Posts

 
 
 
 

Tax Alert for Uber Drivers – Uber Tax Refund

Uber Drivers Tax

Uber has become one of the easiest and convenient way to earn extra money for the car owners. It also has made travelling convenient for the Uber customers as it is also much more cheaper and easily accessible for the users.

With income also comes the responsibility to pay the tax to the government, and Uber income is considered as assessable income and if not managed properly or try to hide any of your income, you might end up paying ATO penalty.

There are few things you need to remember if you are an Uber driver and if you want to manage your accounts properly.

  • First thing if you are driving an Uber you are yourself a contractor and not working under anyone else, so you need to manage your tax return yourself as ATO is not withholding any taxes for you.
  • Any money you earn from Uber, even minimum amount needs to be declared.
  • Even if your income is less than $75000, you must be registered for GST and charge GST on all your fares. You can claim GST credit on your work-related purchases.
  • Try saving 30 to 40 % of your Uber income especially if you also have another job, because your tax bills are going to be high as your income will increase due to additional income earned from Uber.
  • You are also required to prepare a business activity statement and lodge it.

There are some benefits that you can claim to reduce your tax payable. You can claim some expense that you had to bear during your working period. Only the business portion of following can be deducted from your tax.

  • As Uber driver ATO considers you as small business owner and self-employed, because of this you get all the benefits that small business gets including 20,000 instant asset write-offs for capital assets which is able until 30 June 2017.
  • Cost of becoming the Uber driver like medical bills, training, registration fees can be deducted, but remember if the cost has incurred before your application of being Uber drihen you cannot claim it.
  • Insurance, repairs and maintained of car, cleaning, but only the percentage of car you use for your work can be claimed.
  • Parking fees, toll fee, safety equipment, cleaning costs can be claimed.
  • If you have lodged your tax through agent before, cost of that can also be deducted.
  • If maintain different account for maintaining the income of Uber than the charges of than bank account can be claimed under deduction.
  • Expenses for mobile phones, internet on phone used to communicate with customers can also be claimed.
  • Expenses on Meals, drinks that occurs when you are on your shift cannot be claimed.

To claim deduction there are two type of methods that you can follow:

  • In first method, if your car has only travelled for 5000 km then you can claim 66cents per km from 2016 and years before that 65 to 75 c per km. This is the maximum you can claim under this method, other expenses like cleaning, maintenance, depreciation all comes under it.
  • Second method is maintaining a log book for 12 weeks showing all the business-related expenses of your car. This log book needs to be updated every 5 years. You can claim and justify your deduction using this logbook.

After reading this you should be able to understand the benefits of Uber drivers while claiming taxes and consequences you face if you don’t.

Fill in the form HERE to have an expert will call you and get your same-day refund*, or if you have an questions relate to MyTax 2018 and mygov, Online tax return 2018, you can contact us by calling 1300 698 297 Or email us at info@mytaxrefundtoday.com.au.

HOW IT WORKS

Why Wait For 2 Weeks…? Get Your Tax Refund Today !

FREE TAX REFUND ESTIMATE

Free Tax Refund Estimate

How did you hear about us?

yes I accept the Terms & Conditions of this website and authorize My Tax Refund Today (ABN 87145232319 and tax Agent no 23282009) to add me as a client in Tax Agent Portal

DON'T WANT TO WAIT 2 WEEKS? 

 

ASK US FOR OUR
1 HOUR TAX REFUND OPTION!

FREE TAX REFUND ESTIMATE

 

MTRT

  • I would like to thank your team for a hassle free and fast tax refund. All of the problems related to employer tax papers were sorted on the spot. I have already recommended you guys! Thank you and see you next time

    Danijel
  • Very good experience. Friendly staff. Easy and convenient process. No problems at all. I will use them again in future.

    Melissa
  • Both me and my husband found the tax refund process a smooth one and at the time we were in need of funds quickly and Raj was accommodating to our needs. The process was simple, easy and the outcome desirable. We would certainly consider using this service again and we have recommended this to our friends without hesitation

    Domenica
  • My experience with your company was excellent as I left it to the last minute. They sorted me out with no problems and no fuss

    Allen

© copyright 2020 My Tax Refund Today All right reserved  |  Terms & Conditions  |  Privacy Policy  |  Disclaimer

back to top