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Potential tax deductions message from Uber

Discussion in 'Sydney | Uber Drivers Forum' started by Riders Champion, Mar 28, 2017.

  1. Riders Champion

    Riders Champion Well-Known Member

    Noticed this for the first time, referring to trips prior to 1 July 2016.

    But isn't it too late now? Other than claiming a loss on a past tax return, how can you claim deductions from a past period?

    Can we revise our completed tax returns? Doesn't that then look dodgy? And what about revising BAS statements?

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  2. perhaps there was a change in taxation law that meant that something like depreciation of your motor vehicle could be recalculated? Meh I dunno!
     
    Elepante Nathan likes this.
  3. Riders Champion

    Riders Champion Well-Known Member

    Oh yeah good idea. Hmmmm
     
  4. DriverX

    DriverX Active Member

    I dont think you should have a problem revising past BAS or tax returns if you have a good reason. Just use a good accountant that knows what he's doing.
     
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  5. Fetching Is Fun

    Fetching Is Fun New Member

    Revising past tax returns is a'ok. All above board.
     
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  6. Syd-Uberer

    Syd-Uberer Member

    I submitted last year's tax return then found one of my share dividends didn't get automatically pulled through.

    So I immediately revised it, got an extra few hundred back because of the franking credits.

    Also revised the previous year's return for the same reason.

    All went well, except it took over 6 weeks to get my refund and they paid them separately by cheque!!

    I thought it'll all get processed at the same time but they do each individually and manually for adjustments.
     
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  7. they just have to be stiff nancys dont they. making everything harder than needs to be!
     
    Last edited: Apr 9, 2017
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  8. Laughter

    Laughter Member

    Do not think it is as easy as that, but perhaps it is through an accountant.
     
  9. DriverX

    DriverX Active Member

    Best to pay the GST every week. What i did is set up a recurring Bpay weekly payment of about 1/10 of my weekly earning to the ATO. That way when it is time for BAS i am fully paid GST wise. In-fact the ATO always owes me a few dollars after i claim all my GST credits.
     
  10. Laughter

    Laughter Member

    Fair enough, but thats like the PAYG concept where the Govt gets to hold onto your hard earned and make interest on the money that accumulates. I'd much rather just submit a BAS and then be chased for the money while giving them the bird for as long as possible.
     
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  11. Syd-Uberer

    Syd-Uberer Member

    Likewise! Good if you're worried you'll spend too much and have a debt.

    Otherwise keep it in an interest earning account or mortgage offset account so the cash is working for you.
     
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