Do you provide ride-sharing services (e.g. Uber)?

If so, then it is essential that you are correctly accounting for your income and GST obligations. The ATO has recently advised that it will be obtaining information from third parties (including banks and other financial institutions) in order to ensure that people providing these services are meeting their tax obligations for the 2017 and 2018 years. If you provide these services, you must have an ABN, be registered for GST and complete a Business Activity Statement (BAS). You must also declare all income from these services on your tax return, however you can claim any expenses that are directly related to producing this income.

If you are currently providing these services but do not have an ABN or are not registered for GST, we can assist in ensuring that you get up to date with the requirements. Failing to comply with the tax laws could result in you facing penalties and interest or even prosecution. It is essential that you act now before the tax office start enforcement action.