Money Doesn’t Come Without Guidance ...
Who are Uber drivers?
Uber Technologies Inc. is an American multinational company, who provide online transport network services by the Uber app. As of May 28, 2016 the company provides services in over 66 countries and 449 cities worldwide. The drivers of the Uber cab are called the Uber drivers.
Taxation for Uber drivers
While working for Uber you are considered as a contractor not an employee. So when you are not an employee it is important to manage our tax affairs correctly, as a result, most Uber drivers should use a tax agent.
At a basic level, the ATO Uber tax implications are straight-forward:
From August 2015, the ATO confirmed all Uber drivers are required to register for GST, which means the GST portion of your Uber fares has to be submitted to the ATO. It is in addition to the tax you need to pay for income you earn as a driver.
The tax benefits of being an Uber driver
As an Uber driver you can claim a range of tax deductions. Following are some of the work- related expenses that become tax-deductible when you drive for Uber:
There are a few additional costs, along with afore mentioned expenses that you can claim as
they are directly related to becoming and operating as an Uber driver, for example:
Steps for a successful Uber taxation
There are eight basic steps for successful Uber taxation:
a) Open a new Bank Account;
b) Get an ABN;
c) Register for GST;
d) Keep good records;
e) Keep a logbook;
f) Keep track record of expenses;
g) Save for your tax bill;
Use a registered tax agent (like TaxShark) and get your Uber driver taxes right the first time