There are many reasons why one might decide to drive an Uber. You may require work flexibility that traditional jobs are unable to provide or perhaps you want to start a side hustle to increase your income. Uber driving has attracted many people of all ages to the gig but not everyone is familiar with how they should be filing their income tax at the end of the financial year. To drive an Uber, the driver needs to register for an Australian Business Number (ABN) and be identified as a Sole Trader. If you have recently embarked your journey as an Uber driver, have you applied for GST registration?
Much like every other income earner, you need to declare all income from your Uber gig as assessable income at the end of the financial year. Even if you are only driving part-time or casual.
Unlike other Sole Trader businesses that only need to register for GST above the $75,000 threshold, ridesharing services including Uber driving require drivers to register for GST regardless of their taxable income earned from driving an Uber. Unfortunately, many new Uber drivers are not always aware of this and tend to make the mistake of omitting this step. They may also not be aware of other tax return tips that Uber drivers can take advantage of. This is where a reliable tax agent can help. Simply provide your ABN to your tax agent and let them handle the complicated stuff! Alternatively, you can register online or by phone as well.
Ezy Tax Online is a registered tax agent providing simple but reliable accounting and tax return services for Sole Traders in Australia including Uber drivers. Our expert accountants will not only be able to help you with GST registration but can also minimise your tax returns on your side hustle. Sign up with us today or visit our office in Queensland to learn more.