If you are operating an Uber service then you will need to register for Goods and Services Tax (GST) from the first dollar of income that your earn as it is classed as ride-sourcing. Once you are registered for GST this will mean that you will need to report generally on a quarterly basis via a Business Activity Statement (BAS) the amount of GST you earned and paid.
In addition to the GST obligations of operating a ride-sourcing service, you will also need to report to the Australian Taxation Office (ATO) in your Income Tax Return, income you earn and deductions that you have incurred in earning that assessable income.
For further information the ATO has released very informative guidance notes that can be accessed via the link below:
Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.
We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.