Happy to help Alfie! I'm Jess, I'm a CPA and Registered Tax Agent. We look after GST Registrations and BAS's for over 200 Uber drivers across Australia, so if you need a hand feel free to get in touch. There's plenty of tax information on our website, including a complete guide to meeting your ATO obligations, so feel free to Google us and check it out. All the best with your Uber driving!
I just prepare my own BAS statements. Am I missing something? But it seems pretty straightforward to me. I record all my uber and vehicle related expenses, calculate the percentage of input credits I can claim based on my log book business usage, and it's pretty much done.
When you register your ABN and GST, ask them to backdate it to when you started driving for Uber or August 2015 if you started before that date.
You will be liable for GST on any fares collected after August 2015, but you can only claim GST credit on business-related purchases from the date your GST registration starts.
If you register for GST today, you can't claim GST credits on any purchase before today. But you will still be liable for any GST you've collected since August 2015.
I registered last week and asked them to backdate it to when I started Ubering, in December.
To answer the original question, I've asked our long-term accountant to give me some idea of the cost but I haven't heard back from her yet; suspect it will be quite expensive. I will more likely use one of the online services. Alfie , you could add https://airtax.io/ to the poll.
I did consider Partner People but decided against for a couple of reasons.
One reason, you become a casual employee of PP and that means that PP have to contribute 9.5% of your income to superannuation as well as 1.1% to their WorkCover policy. That 9.5% and 1.1% come out of your income from Uber.
At my stage of life, retired for 10 years, wife retired last year, we have enough superannuation and also life and disability insurance, I didn't see a need for more cover. So, in doing my own GST/BAS I can have a bit more of my Uber income in my hands.
For those of you for whom driving for Uber, or doing any other form of work as an independent contractor, is a significant portion of your income, it would be worth considering a service like Partner People. For me, it's not. But I may use one of the online GST/BAS services, maybe even one that does Income Tax returns as well; our long-time account was just a bit expensive.
I don't know if PP offer a non-employee, GST/BAS service. g00r ?
Our system isn't set up for a GST/BAS service as didn't see the point. There is already a busy marketplace full of bookkeeping and accounting services that deal with the Self-Employed accounting sector.
I took a leap of faith and went with H&R Block. I just paid my last quarter GST of $236 and it cost me $80 for the service.
All I had to do is give my log book over and all receipts for expenses along with my Uber payment statements. My advisor said she'd calculate the cost of vehicle depreciation at EOFY when I submit my payment summary from my main employer to lodge my tax return.
So far, happy with the service and price to avoid the hassle of doing it myself. The real decision to continue doing Uber will come after I get my tax return back in July.