Now we all know Australia has been taken over by UBER drivers, UBER driving is on the increase. So I wonder if those drivers out there, realise they need to be GST registered.
In this article, the ATO is reminding people involved in ride-sourcing to make sure they understand their tax obligations. httpss://www.ato.gov.au/Media-centre/Media-releases/Don-t-take-your-tax-return-for-a-ride/
So for any UBER driver or ride-sourcing enterprise, the ATO is reminding those that they must be registered for GST regardless of their turnover and pay GST on the full fare.
If you are a ride-sourcing service and do not have a ABN (Australian Business Number) and GST registration, then this needs to be your first priority. Remember you can also claim tax deductions and GST credits within your business. For example your car, fuel, servicing, smartphone and data usage is all claimable tax deductions.
Even if you purchase something that is used for both business and private, you can claim the part that relates to your business use.
Most UBER or ride sourcing services they like to be called generally are sole traders, unless they have other formal arrangements for their business structure.
If you would like to find out more about this and need assistance in this area, do not hesitate to contact Maree Punzet from Maree’s Mobile Bookkeeping on 0429 363 047 or visit Maree’s website www.mareesmobilebookkeeping.com.au