The Tax Low Down on Uber Driving

Are you thinking of becoming an Uber driver, or already running a ride-sourcing service?

Here are a few important tax obligations you need to know about…

1) Drivers will need an Australian business number (ABN) and register for GST, regardless of how much they earn.

2) When registering the ABN – type ‘taxi ride sourcing’ as their business description & select ‘taxi driver (except owner/operator)’ or ‘taxi cab service’.

3) Drivers will need to pay GST on the full fare

4) Drivers will need to lodge business activity statements and include what they earn in their tax return and

5) Drivers will need to keep accurate records to claim deductions for their business expenses including GST on applicable related expenses and an accurately recorded log book for motor vehicle use.

For more assistance on what can be claimed, preparing your business activity statements, or if you have any questions please don’t hesitate to contact us.