Valuable Tax Insights for Uber Tax Return South Morang by Experts
Nowadays, every individual in South Morang, Melbourne, can become an Uber taxi driver. If you own a mobile phone or a car, it gives you the power to run your business. You can schedule set hours for work and can earn from this opportunity. However, while you earn through taxi service, you become liable for meeting tax obligations. You don’t have any excuse to be unaware of your tax responsibilities. Thus, you should file your Uber Tax Return South Morang on time to prevent penalties from the ATO. Moreover, you need to register for GST which may cause you a panic too. But don’t worry, as you can fix a meeting with a tax professional.
Know about the Tax and GST as an Uber Driver
You are considered an independent contractor when driving a cab for Uber. Hence, you need to be careful about your taxes since your employer will not manage them for you. That’s where most taxi drivers need the tax services of professionals to meet their needs. ATO expects you to fulfill tax obligations as:
- Any money you make from driving counts as your income, and you should report it to the ATO
- You should register for GST even if you earn less than 75000 AUD in a financial year
Thus, Tax Accountants for Uber Drivers in South Morang guide you explicitly regarding tax regulations. Also, they help you with submitting the GST portion of fares to the Australian Taxation Office. So, right from starting your services as a cab driver, you should:
- Register and Pay GST on Fares collected from passengers
- Lodge BAS statements quarterly to ATO
In case of failure to oblige the above requirements, you would be in trouble with ATO. Remember, Uber is not likely to help you out with your tax matters. Also, you are not entitled to claim any type of fines and penalty imposed on you by ATO. So, it is necessary to have a consultation with tax accountants to avoid tax-related problems.
Keeping a Record of all of your Taxi Driving Expenses
While driving a taxi, you should keep a record of all of your expenses. This would help you to claim deductions when you file a tax return as a driver. You can claim deductions while tax return filing such as:
- Parking Charges during Work
- Specialized Cleaning costs of Car
- Buying Water and Mints for Passengers
- Work-related Mobile Phone Charges
- Expenses of Work-related Stationery
Besides claiming these deductions, you need to be watchful to claim work-related expenses. For this, you should keep a logbook to note all the kilometers for driving the car. This enables you to claim work-related expenses properly and use them for deductions.
Keep Focusing on your Work with Professional Tax Guidance
Working as an independent taxi driver is considered a risky career when associated with tax regulations. You could face tax investigations about expenses incurred and income earned as a taxi driver. Tax Accountants for Taxi Drivers in South Morang guide you expertly to make your life easier on the road. It is quite stressful to face tax audits in case of wrongful return filing. So, getting in touch with specialists helps you in numerous ways such as:
- Valuable Tax Advice
While earning as a taxi driver, you should stay on top of your finances. It lets you know whether you are in profit or loss while working as an Uber driver. Without tax specialists, you would not know what’s costing you more than your earnings. Through the valuable guidance of experts, you can make improvements that can make your business efficient.
- Manage Tax Matters
As an independent contractor, you need to handle your tax matters on your own. Remember, working independently is not your tax obligation for ATO. So, you need to oversee your tax matters for correct South Morang Uber Tax Return filing. With a tax accountant on your side, you can confidently comply with tax regulations to avoid obstacles.
- Focus on The Core
Working as a taxi driver, you should keep your eyes and mind on the road, not on the bookkeeping. Accountants can take all the responsibility to handle your tax matters. Thus, you don’t have to worry about errors in filing tax returns and missing deadlines. Kirpa Tax takes all the burden of managing your finances by keeping a validated record of all incomes and expenses.
FAQs
Why BAS is necessary for Uber drivers?
It’s a Business Activity Statement which is an ATO form you must fill and submit to ATO. BAS is used to declare your income and expenses to compute GST and pay taxes to ATO.
Do I need to register for GST and ABN?
GST is generally applicable to transportation services offered by cabs and taxis, and drivers should register for it. So, Kirpa Tax registers you for GST to file the Uber Tax Return South Morang competently.
What do Tax Accountants for Taxi Drivers in South Morang do?
These specialists provide valuable advice on crucial financial and tax-related support to taxi drivers. They track all incomes and expenses of taxi drivers to meet tax obligations and ATO compliance.
Do I need to file an income tax return as a taxi driver?
Even if you are earning less than 18200 Australian dollars, you should lodge a tax return. Because you paid taxes and GST, filing tax returns will get your refunds on tax payments.
Can I claim deductions for my Expenses as a taxi driver?
Yes, you can claim deductions for expenses paid while driving a taxi for passenger transportation. Kirpa Tax navigates applicable deductions for you to claim while filing a South Morang Uber Tax Return.
How can I keep a record of the kilometers I drive?
You should keep a logbook to note down the kilometers of driving your car as a taxi. You should use the records to claim expenses related to work through your taxi logbook.
Why tax accounting service is beneficial for me?
Tax Accountants for Uber Drivers in South Morang are specialists in their work realm. You can get valuable tax services and advice on managing your finances for tax savings and deductions.