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The Australian Tax Office has made a ruling that anyone offering a taxi or limousine service (and this includes Uber drivers) must be registered for GST and submit a Business Activity Statement. Furthermore, you have to pay the GST on the total amount charged to the rider, not just on the net amount you get from Uber. Uber's commission is, of course, a deductible expense but is not subject to GST, as Uber is not an Australian registered company.
On the plus side, all of the vehicle expenses that you can attribute to helping you earn an income become tax deductible. So if you can show that, say, 80% of your driving is for Uber, you can claim 80% of your fuel costs, car servicing, tyre replacement and so on. And if your car is financed, you can claim depreciation and interest as well.
To help with all this, we've created an Income and Expenses Excel spreadsheet. All you do is enter your Uber income and your motor vehicle expenses and it will calculate your profit (or loss) and your GST obligation.
In appreciation of your using our link to sign up, we'd like to make you a gift of the Income and Expenses spreadsheet. You can download it HERE (or use the button below). The download page also contains an instructional video that you can play.
BONUS: You can now download our Vehicle Log Excel spreadsheet from the same page. Just enter your end of trip odometer reading and indicate whether the trip was business or private. The spreadsheet serves as your log record for the ATO and automatically calculates the percentage of vehicle related expenses that you can claim as a deduction.
Please email us if you have any questions about the process.