September 20, 2017 2:20 am
Those who participate in ride-sourcing (i.e., Uber, GoCatch) as a driver can access a number of tax deductions come tax time.
You may be able to claim expenses such as:
– Parking fees
– Road tolls
– Mobile phone costs
– Fees or commissions charged the facilitator
– Other expenses – to the extent that they relate to work-related travel.
Under the logbook method (the business-use percentage of car expenses) include:
– Depreciation of your car
– General vehicle running costs such as insurance, car rego and repairs
Expenses you cannot claim include:
– Fines, such as parking and speeding fines
– Fuel tax credits
– The cost of getting and maintaining a standard driving licence
– Costs of a capital nature, such as car purchase price
– Personal or private expenses, such as the private use of a car used for ride-sourcing activities.
If you use your car for both personal and work-related use, you will need to apportion your car expenses appropriately. If the owner of the car is a spouse or de-facto partner, you can still claim deductions for the car as it is considered a joint asset.
You may be eligible for a range of concessions, i.e., simpler depreciation – instant asset write-off if you are a small business entity in an income year. Be sure to review your eligibility each year.
Categorised in: Tax