Ride sourcing, through companies such as Uber, can be a fantastically effective and easy way to earn some extra money on the side for your next holiday, or even as full-time employment, if you are looking for a new job.
If you are Ride-sourcing you will need:
- An Australian Business Number (ABN); either a new one or an existing one for an individual
- Registration for GST as fares your receive are subject to GST
- To lodge Business activity statements
Records you need to keep:
- Statements showing income from ride-sourcing
- Receipts of expenses to be claimed
- Tracking your trips using a look book or ATO’s app ‘Add Trip’
Money you receive is assessable income and must be declared on your tax return. Expenses for the percentage that is business use may be claimed.