[angesangles]

I opened an American Express account back in 2016 when I was an UBER driver. I thought this question would be applicable here as I just filled in my recent tax return but I missed a few deductions of which interest expense being one and there are a few wise tax observers on this forum. I gained my AMEX card at the time based on the evidence I provided to them that I could generate sufficient income through the business.

I do the majority of my banking with HSBC and ANZ Bank. As well as this I am an American Express Card holder. All three of my accounts I pay monthly interest expenses with each account. I have filled in my tax returns for quarterly and annual just last week but , can we claim interest expenses on our returns?
Under what section of Deductions if it was claimed back, would this be categorised under?

 

[Jack Malarkey]

You can claim interest paid on the accounts and card as an income tax deduction to the extent you use them to pay business expenses. It’s simply an expense you take into account when calculating your net income from rideshare driving.

There is no GST payable on interest as it’s a financial supply. You therefore cannot claim a GST credit on your interest expenses in your quarterly business activity statement (BAS).

 

[Waingro]

GST free purchases G11 on the BAS reporting form.