Are you Uber driver running Uber business in Sydney Ashfield and Adelaide.
We will help you to review your tax return and bas returns to help you to evaluate your potential tax audit or compliance risks. We will also help you maximise your tax return well stay safe withith Australian tax office.
One of the mistake which Uber driver make is to rely on bank statement for expense entries, for example if there is an entry in the bank statement of Caltex $700, the User driver will categorise it as fuel expense, and claim GST, but ATO don’t recognise the bank statement entries as a proper substitution evidence, and if there is a tax audit, the Uber driver might not be claim those expenses and have to refund the GST claimed, pay shortfall penalty and also higher taxes.
A second commonly happened mistake is Uber driver do not keep log book , as the car which the drive is a passenger car, hence if they don’t keep a logbook conforming to the ATO standard, then if you’re caught with tax audit, ATO might argue that that they don’t know the weight of a business percentage for the car, hence as result you can not claim any money for the car related expenses which is the bulk of the expenses for UBER driver. On top of it, you most have to refund the overclaimed GST and have to pay 25%, or up to 95% of the overclaimed ad shortfall penalty.
As one of the specialist accounting firm in Ashfield Sydney and Adelaide, it is our job to maximize your tax position while keeping you safe from tax audit from ATO. Please give us a call on John on 0410829900 or email us on JC@endurego.com.