[Ubernaut]

Hi all,

just had a word with my accountant, she advised that i set aside 20% of my net earnings for income tax.

This is my first year as 'full-time' driver. I aim for roughly $1500 p/w.

Just curious as too how much income tax (in % over net earnings) other full time drivers have had to pay the ATO.

 

[UberSyd]

If you know what you make after expenses then just use this:
https://www.paycalculator.com.au

 

[Immoralized]

Hi all,

just had a word with my accountant, she advised that i set aside 20% of my net earnings for income tax.

This is my first year as 'full-time' driver. I aim for roughly $1500 p/w.

Just curious as too how much income tax (in % over net earnings) other full time drivers have had to pay the ATO.

If you do ur taxes right and that you not ur accountant... In the first year zero. After taking into account of car cost, depreciation, car tax breaks and other million and one things claimable.

I'm pretty confident you can reduce ur taxable income under 18 400 dollars which is "tax free threshold". Spend a week finding out everything you can claim and start making notes now. Takes records of everything.

 

[[email protected]]

Hi all,

just had a word with my accountant, she advised that i set aside 20% of my net earnings for income tax.

This is my first year as 'full-time' driver. I aim for roughly $1500 p/w.

Just curious as too how much income tax (in % over net earnings) other full time drivers have had to pay the ATO.

Didn't you say you just had a word to your accountant? Didn't you like the advice she gave you or do you prefer to instead to rely on advice from unknown amateurs who know nothing about your financial circumstances?
If in doubt, go with what you read on here.

 

[Syd drv]

Can we claim spending food/breakfast, if u drive more than 12 hours.

 

[Immoralized]

Can we claim spending food/breakfast, if u drive more than 12 hours.

No. It not business related.

Only way to do that is to form a company structure as you been the director and employee for that company. Pay yourself a salary and claim all expenses that way. 2complicated for what it would be worth for you doing Uber.

Not to mention it a lot of paperwork. company structure makes sense if the turnover is in the mid six figures. But for 1 driver you going to be spending hundred plus hours buried in paper work plus paying a grand or two a year in cost to comply. A lot cheaper to just pay for the food

 

[Jack Malarkey]

No. It not business related.

Only way to do that is to form a company structure as you been the director and employee for that company. Pay yourself a salary and claim all expenses that way. 2complicated for what it would be worth for you doing Uber.

Not to mention it a lot of paperwork. company structure makes sense if the turnover is in the mid six figures. But for 1 driver you going to be spending hundred plus hours buried in paper work plus paying a grand or two a year in cost to comply. A lot cheaper to just pay for the food

And wouldn't the company have a fringe benefits tax liability equivalent to the top marginal rate plus Medicare levy for the meals provided to its employee?

 

[apuber]

At the end of the financial year go back home and change your name from Ubernaut to Ubernaught then the ATO won’t be able to find you, repeat at the end of each financial year.

 

[Immoralized]

And wouldn't the company have a fringe benefits tax liability equivalent to the top marginal rate plus Medicare levy for the meals provided to its employee?

it gets complicated and hardly worth it He ask if their was a way to claim meals on tax.

but the company can be running at a loss which limits tax liabilities entirely. For the company.

Not to mention a whole host of ways to pay bills forward up to a year and ongoing expenses up until next July for any "income" the company can not write off instantly.

Anyways keeping things simple no it better not to claim meals on tax.

 

[Sydney Uber]

Can we claim spending food/breakfast, if u drive more than 12 hours.

Only claim the stuff that you buy for the consumption of the Passengers. Water, Lemon Squash, mints, Kit Kats, Smoked Salmon & Cream Cheese sandwiches. They don't need to be necessarily CONSUMED by the pax, you just need to buy them for the Pax. What you do with them in the course of a shift to rotate and keep the products fresh and "fit for purpose" is up to you.

 

[Immoralized]

Only claim the stuff that you buy for the consumption of the Passengers. Water, Lemon Squash, mints, Kit Kats, Smoked Salmon & Cream Cheese sandwiches. They don't need to be necessarily CONSUMED by the pax, you just need to buy them for the Pax. What you do with them in the course of a shift to rotate and keep the products fresh and "fit for purpose" is up to you.

You running VIP again

I got a $20 tip this morning for 8 minute drive. His ego was a bit bruised when his one night stand told him that he needed to go sleep in his own bed so was just having a conversation with him on the way back and at the end of the trip passed me a $20.

 

[[email protected]]

Hi all,

just had a word with my accountant, she advised that i set aside 20% of my net earnings for income tax.

This is my first year as 'full-time' driver. I aim for roughly $1500 p/w.

Just curious as too how much income tax (in % over net earnings) other full time drivers have had to pay the ATO.

Yes, if this is your full time job and expect to earn around $1500 per week, then put aside 20% for income tax and 10% for GST. Total 30% to be put aside.

 

[Max Arnold]

Yes, if this is your full time job and expect to earn around $1500 per week, then put aside 20% for income tax and 10% for GST. Total 30% to be put aside.

I also put 30% per week of the Gross into a separate bank account for the Tax man and do not touch it at all.
Then each quarter I pay the GST from this account and after my Tax Agent does my return this year (my first one where I will owe money to the ATO) I will pay the Income Tax and GST in July.
All the money left in that account will be mine and that is when I will transfer it to my personal bank account and start again at 0.00 for the 18-19 year.

 

[The Reaper]

I also put 30% per week of the Gross into a separate bank account for the Tax man and do not touch it at all.
Then each quarter I pay the GST from this account and after my Tax Agent does my return this year (my first one where I will owe money to the ATO) I will pay the Income Tax and GST in July.
All the money left in that account will be mine and that is when I will transfer it to my personal bank account and start again at 0.00 for the 18-19 year.

Each quarter I pay GST and PAYG tax so at the end of the year I should be tax neutral on my return.

 

[Botanyred]

Y

Can we claim spending food/breakfast, if u drive more than 12 hours.

Yes as long as you buy it when you buy your petrol . Under $80 credit card / statement will suffice as evidence.

 

[Syd drv]

Y

Yes as long as you buy it when you buy your petrol . Under $80 credit card / statement will suffice as evidence.

Smart idea

 

[sharkie 2016]

silly qu

Can we claim spending food/breakfast, if u drive more than 12 hours.

silly question

Only claim the stuff that you buy for the consumption of the Passengers. Water, Lemon Squash, mints, Kit Kats, Smoked Salmon & Cream Cheese sandwiches. They don't need to be necessarily CONSUMED by the pax, you just need to buy them for the Pax. What you do with them in the course of a shift to rotate and keep the products fresh and "fit for purpose" is up to you.

no chance you cannot claim on that type of food only water and mints

after

I also put 30% per week of the Gross into a separate bank account for the Tax man and do not touch it at all.
Then each quarter I pay the GST from this account and after my Tax Agent does my return this year (my first one where I will owe money to the ATO) I will pay the Income Tax and GST in July.
All the money left in that account will be mine and that is when I will transfer it to my personal bank account and start again at 0.00 for the 18-19 year.

after the 1st year the tax office will get you to payg each quarter . so every 3 months your will pay gst for the quarter and tax for the quarter.

 

[Sydney Uber]

silly qu

silly question

no chance you cannot claim on that type of food only water and mints

after

after the 1st year the tax office will get you to payg each quarter . so every 3 months your will pay gst for the quarter and tax for the quarter.

I get asked to cater drinks/food specifically for a number of clients. Sometimes I don't wait to be asked.

 

[Immoralized]

I get asked to cater drinks/food specifically for a number of clients. Sometimes I don't wait to be asked.

First course in Sydney Uber ride is the prized White truffle flan with roquette and caviar... Nothing but the best!

 

[Who is John Galt?]

I get asked to cater drinks/food specifically for a number of clients. Sometimes I don't wait to be asked.

I get asked to cater a lot of things for my very lucky clients too. High quality lingerie is one class which always seems to be in demand. I am often asked to take a client and her BFF shopping at Simone Pérèle or La Perla or Aubade and I have learnt that my client plus two of her girlfriends is the perfect number. Client plus one tends to be a little reserved but client plus two is just the right amount of energy and friction, competitiveness and bravado for each to try and outdo the other.

La Perla and Aubade often present challenges as ADL doesn't yet have dedicated official outlets for these highly desirable brands. I find therefore, like a lot of other drivers I'm sure, that I need to arrange a meet up with the girls at the client's house and this usually entails me bringing a whole bunch of goodies whilst we all sit up on the master bed and check out what is available online while the girls compare ummmm...preferences and alternatives all the while asking for my feedback as they model their outfits in the bedroom.

We then head out shopping, usually to Simone Pérèle and again I am encouraged to critique each of the girls choices, offer suggestions and usually as the inhibitions are thrown to the wind, help with the fitting. It only takes one small request - "John, can you please help me with this?" and then the girls' competitive spirits rise to the occasion.

(At this point, I would usually add photos and other visual aids to assist with the understanding of my post. However on this occasion, I think I might be pushing my luck.)

I hope this adds to the discussion.

.