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GST calculation confuse

Discussion in 'Australia' started by Praz, Jan 10, 2017.

  1. Praz

    Praz New Member

    Location:
    Lynbrook
    Driving:
    UberX
    Hi all

    I am due for my first BAS return. I am confuse about for what should I pay for GST for my earning

    When I look at Weekly Earnings there is Trip Earnings and Fair? So what I get for my bank account is what show up in Weekly Earnings . So is this the amount i should calculate GST?

    Also uber commission is 20% or 25%?

    I found following

    How Is My GST Calculated?

    If you’d like to work out more accurately how much you need to put aside, you’ll need to actively keep track of your Uber income and expenses each week with a spreadsheet. You’ll need to set up formulas to calculate your GST as follows:

    • Gross Income (Fares before Uber’s commission is deducted)
    • divided by 11
    • = GST on Income
    • less: GST on Vehicle Expenses X percentage of business use (more detail on this in a moment)
    • less: GST on Other Expenses (bottles of water, mints, stationery, etc)
    • = Net GST Payable

    I find this is confusing . I am going to see Tax Accountant anyway .But I like put my numbers to to excel and sheet to show the Accountant

    Appreciate some clarification

    Thanks
     
  2. Grand

    Grand Moderator Moderator

    Location:
    Australia
    Driving:
    UberX
    ricdam likes this.
  3. Praz

    Praz New Member

    Location:
    Lynbrook
    Driving:
    UberX

    Thanks mate. I am filling the income excel sheet for my first quarter and let's see how is the numbers coming up

    Cheers for help. Big thanks for person who created the excel sheet and hope it is accurate
     
  4. Waingro

    Waingro Member

    Location:
    Sydney
    Driving:
    UberX
    Stick to this worksheet ... it really is amazing and also put in perspective all the Bulls@%t on the forums.
    Watch how little the net result changes with a slow week or 2 ...
     
    ricdam likes this.

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