Are you an Uber driver running an Uber business in Sydney, Ashfield, or Adelaide? We specialize in Uber tax services to help you stay compliant and maximize your tax returns.
Our team reviews your tax return and BAS returns to identify potential tax audit or compliance risks. By optimizing your tax strategy, we ensure you maximize your return while staying compliant with the Australian Tax Office.
Many Uber drivers mistakenly rely on bank statements for expense entries. For example, if a bank statement shows a $700 charge at Caltex, an Uber driver may categorize it as a fuel expense and claim GST. However, the ATO does not accept bank statements as proper supporting evidence. In the event of a tax audit, the driver may lose the deduction, be required to refund the claimed GST, pay a shortfall penalty, and face higher taxes.
A common mistake Uber drivers make is failing to keep a logbook. Since they drive passenger cars, they must maintain a logbook that meets ATO standards. Without it, a tax audit could lead to the ATO questioning the business-use percentage of the vehicle. As a result, drivers may lose the ability to claim car-related expenses—the largest expense category for Uber drivers. Additionally, they must refund any overclaimed GST and may face a shortfall penalty ranging from 25% to 95% of the overclaimed amount.
As a specialist accounting firm in Ashfield, Sydney, and Adelaide, we focus on maximizing your tax position while ensuring compliance with ATO regulations. Call John at 0410 829 900 or email us at JC@endurego.com.
