At the end of the day, none of us want to pay more tax than we’re legally obligated to.
The simplest way to start doing this is making sure you’re keeping track of all your expenses relating to your ride sharing business.
What kind of expenses can I claim?
In short, any cost that relates to running your ride-sharing business (with a few exceptions).The greatest deduction you’ll get is the cost of running your motor vehicle.
Keep a record of all your receipts for every car expense you have.
You need the receipts to prove to the tax office that you actually paid for what you’re claiming. Seems tedious, but believe me, it will be worth it!
What are common expenses?
– car washes
– servicing, repairs, tyres and other maintenance costs
– road tolls
– car lease payments
– Splend payments
There are also a number of other expenses you can claim – things like:
– Costs relating to the application process of becoming a ride-share driver such as medical checks, police checks and application fees.
– Road tolls (when you were driving for your ride-share or Taxi business)
– Passenger costs like water and mints
– Parking costs
– Mobile phone costs
– Spotify subscription
– Protective sunglasses (if you use them whilst driving)
– Accountant’s fees
What’s not eligible as a deduction?
– Clothing (other than safety clothing, high visibility vests etc)
– Fines (fines are never deductible)
– Standard driver’s licence