It seems to be the case that many Rideshare business people get their claim for motor vehicle expenses wrong. This comes as a result of not quite understanding the way the tax laws work when claiming your car and theseimpacts both the Income Tax you pay and the GST you will be required to pay, each quarter.
Motor vehicle tax deductions are determined by a LOG BOOK. Without a log book you don
If you’re struggling to get through your work and more and more calls are coming in, but you don’t want to turn down the work, try working out a schedule and consider hiring some subbies to help you with the extra work.
If you’re going into business, we suggest putting 20% aside (as a minimum) to cover your tax. And don’t forget to put aside any GST if you’re charging it. After your first year the ATO will ask you to pay your tax every quarter. Everyone’s income and tax rates are different so plan ahead.
Rather than sitting around waiting for your phone to ping with another job, consider signing up to multiple rideshare platforms like Lyft, Didi, Ola, UberEats etc. to continue driving and avoid stopping.
Once you're out there on the road it's time for action. The last thing you want happening is for you to be parked waiting for the next job to come along. You are like a machine, once yo
For peace of mind, think about Personal Insurance & Public Liability Insurance. Earning an income is your most important asset so it makes sense to insure it. Who will pay your bills if you get sick or injured and can’t work!
Did you know you can get a tax deduction for putting money into your super.If no one is contributing to your super fund then you won’t have much when you want to retire.There are tax implications when you claim your super contributions so make sure you speak with us to see if it’s right for you.
Don’t spend money just to get a tax deduction
Yep, you heard us. Spending $1,000 on a tool kit doesn’t mean you’ll save $1,000 tax. You only save a percentage of whatever your tax rate is. E.g. If your income puts you in the 34.5% tax bracket - you’ll only save $345. Did you really need that $1,000 tool kit?