The ATO has been on top of the situation to avoid letting Uber drivers slip away without paying their taxes. This goes for not only drivers of Uber, but also any ride sharing arrangement or companies like Go catch, Lyft, etc. We have compiled a list of points that each ride-sharing driver should be weary of. This is because you might be making your earnings as you go and in your own time, but the tax amount needs to be paid and the file needs to be attended to before the end of the financial year. Additionally, the ATO has compelled all the banks to provide the details of payments made by their customers to such ride-sharing drivers. This calls for quick action if you’ve been intentionally or unintentionally been dodging the tax man. When you work...
June – 2017 Practice Update covers following points
- Budget Update
- More taxpayers can access the benefits of being an 'SBE'
- Who is assessed on interest on bank accounts?
- Children’s bank accounts
- Using social media? Be aware of tax scams!
- FBT: Car parking threshold
May – 2017 Practice Update covers following points
- Company tax cuts pass the Senate with amendments
- Increase to the SBE turnover threshold
- Reduction in the corporate tax rate
- Changes to the franking of dividends
- Costs of travelling in relation to the preparation of tax returns
- FBT: Benchmark interest rate
- FBT: Cents per kilometre basis