Uber Tax Return
If you are an Uber driver looking for a tax accountant to complete your Uber tax return, your search ends here. At A One Accountants, we have prepared and lodged numerous Uber tax returns to date.
Our UBER tax return fee is fixed and affordable. We charge $110 for standard returns and up to $220 for complex, detailed, or time-consuming returns.
UBER drivers are independent contractors. You personally provide ride-sourcing services to your customers through the UBER platform. The importance placed on the word “YOU” above identifies you as the business owner, providing everything necessary to run the business efficiently and with an aim of making a profit. As a contractor, you need an active Australian Business Number (ABN). Furthermore, you must register for GST before filing your annual tax return.
Regardless of whether you drive full time or casually, any income from ride-sharing becomes part of your income tax return. Therefore, you must declare every dollar you earn through Uber. Pay attention to your tax return details. The ATO may investigate mistakes, and that can become troublesome. Chances are that you may not be eligible for the amounts you are claiming. Conversely, you may be eligible to claim another expense—or only a portion of an expense you have ascertained. For example, many drivers claim 100% of their phone bill when only the ride-sharing portion is deductible.
Uber drivers have the blessing of being able to claim a large portion of their car’s usage on the UBER tax return, based on your logbook records.
Practically speaking, Uber-related tax returns are complex. They must be accurate. In addition, they need to match your lodged Business Activity Statements (BAS). Why? Because the ATO’s data matching systems integrate information from:
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Your bank accounts
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Uber LLC directly
As a result, the ATO automatically compares the income on your tax return with the income Uber reports to them. Consequently, any mismatch can trigger an audit.
Keep good records. Maintain a logbook and save receipts for expenses. Uber drivers typically claim many deductions. Therefore, proper records protect you. Keep your logbook and save every receipt.
Some Common Deductions UBER Tax Return:
- Depreciation on the car driven
- Cost of car rental
- Claim finance costs if you purchased your car with a loan.
- Fuel
- Cost of car maintenance such as repairs, insurance, registrations
- Licenses and fees
- Protective clothing
- Uber commissions and charges
- Other incidental costs incurred in the course of ride sharing activity
UBER Business Activity Statement online form
We are here to assist you with your ride sharing UBER tax return and simplify this process for you. All you need to do is visit our online tax return form and submit your details. Give us a call today on 03 8609 1889 or email us on info@a1accountants.com.au and one of our friendly staff will be able to assist you with your queries.