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How much should be squirrelled away??

Discussion in 'Melbourne' started by Leapin, Jan 6, 2019.

  1. Leapin


    Hi all, I’m relative new to the world of Antage but have been busy slaving away for past few months. Each week I have been setting aside around 30% of the weeks taking as provision for GST/Income tax & other expenses. My question, Is this enough or should I be putting aside more?
    Please only honest / factual / actual responses - anything else would suggest you’re an Ice Ant or Neil!
    Apollo and Lowestformofwit like this.
  2. Lowestformofwit


    Somewhere over the rainbow
    I'd try upping that to 40 - 50%.
    You can always reduce it if things go really well for you, but as your car gets older unexpected expenses can be expected.
    Plus, if you get into a scenario of paying PAYG Tax quarterly, you need to be able to cover that in the quiet months/quarters.
  3. If that was in your headspace already:p

    (Not so sleepy sleeper account pal?)

    Then youre lucky ScottieB has taken advice...

    And gone to Inverloch...

    Instead of chiming in

    "Stop with the 50 B's." - @realDonaldTrump


    "Oh and you are OR You're" - UXDriverUXDriver

    Your such a trooper:p
    Last edited: Jan 6, 2019
    Immoralized, DA08, Golfer and 4 others like this.
  4. oldfart


    Fort Myers
    I cant speak to your taxes but regarding expenses, Id estimate the remaining economic life of the car and the cost to buy your next car, do the math and set that amount aside (plus enough for your taxes)
    Leapin and Apollo like this.
  5. 50% until you get a good accountant.
    After that, depends how good your accountant is and how good you are at "padding". No, not paddling, but padding.
    Leapin, Golfer and Lovinguber like this.
  6. Depends on your car.
    Try to work out real costs of depreciation and all maintenance and fuel.
    I would say 30% is not enough or just to scrape in.
    I reckon 40-60% would cover all your costs.
  7. Apollo


    Thanks pops.;)
  8. The Source

    The Source

    Neil who?
    Uber_BoutsBangAU and Lovinguber like this.
  9. Apollo


    Neil Kokorasopoulos.:oops:
  10. ST DYMPHNA son

    ST DYMPHNA son

    ...it's depending on the size of your nuts...
  11. Golfer


    Squirrelling :) I get it!!! :rolleyes:
  12. DA08


    Really Neil ? ?? Loooolllll
    eXperiment and Lovinguber like this.
  13. Leapin


    Thanks Guys. Appreciate all the feedback.
    For the record have, I big nuts (good income) a new car, and No, I’m not Neil. Lol.
    I think I’ll up the ANTe to 40%
  14. 35% and a week of homework on all the possible deductions you can make for yourself. The best place to start is the ATO site. Tracking every single cent and claiming every single possible deduction you can.

    Unless you are doing 60-100 hours worth of driving per week and purely leasing the vehicle for driving it is pretty easy to work out and shouldn't take too much time. What complicate matters is when you own the vehicle in which case 5-10% have to be set aside for the vehicle and it eventual replacement down the road. Maintenance cost will vary between how lucky you are on the road.

    Had a driver blow out two tyres 1 day in o_O both on the left side which I'm going to be saying driver fault... Tyres were fairly new "November" with 90% treads. He said I need you to call road side assistance. I said I am the road side assistance... Pick him up and drop him home and change the tyres the next day as it was over the weekend so couldn't actually get replacement tyres nor do I have a tyre fitting station :p

    I told him future tyre expenses is purely on him since I wore the cost of 2 already. Drivers don't even know how to change tyres or anything. It seem like he drove on the flat tyres for significant distance so the puncture ones were not even salvageable. Things like complete tyre losses or maybe even the aircon unit dying because you have it on high all day can set you back in few hundred $$ :)
    Last edited: Jan 6, 2019
  15. I set aside 30% of the net amounts received to cover GST and income tax. I transfer the excess out once I have paid all GST and the final income tax assessment.

    I also have a ‘car replacement fund’ into which I make weekly payments of 5 cents per kilometre driven (business and private). This amount is adequate for my purposes but up to 15 cents per kilometre may be appropriate for those driving more expensive cars.

    I don’t attempt to set aside specific amounts for other costs such as repairs as I have sufficient general savings to pay these amounts.
  16. Golfer


    Well LeapinLeapin there's plenty of " big nuts " on this forum and I " hope they passed your audition "
    John Lennon when the Beatles first played before Royalty
    " Those in the cheaper seats clap your hands , others just rattle your jewelry
    And I hope we passed the Audition "
  17. New car,good income.
    Nah make separate account,spend only costs,car,petrol GST
    Drew the line on the end of financial year.
    Repeat or gave up next year.
    Use your good income like you did before started Ubering.
    On the end of financial year.
    Go on holiday or buy Rolex.

    Dude he has new car.
    He doesn’t drive 8-9 years 5K Korean Bombs
  18. yes cars don't need any service or maintenance :rolleyes: they just drive and drive. I heard the new 2019 cars even run on hopes and dreams mate! That awesome right? You just pray every night and that be enough for the car to just keep on turning over :D

    work out the running cost of any car for 80 000km - 120 000km and give me some numbers. It not zero that a certainty. After you work that out. Why not work out how much that new car is worth after 250 000km - 350 000km after 3-4 years? :D

    You know how much you going to get for that bomb of a new car now? $2000-3500. Any car that over 250 000km is pretty tired and anything major going wrong with it is almost not worth fixing.
    Last edited: Jan 7, 2019
    DA08, Lowestformofwit and Apollo like this.
  19. Dude you always get defensive.
    Good income-new car
    Let me translate that to you.
    Meaning Full Time job and new car driving mostly to work and private
    I drive only 5000km every year more than I would without Uber.
    Nah worked out cost per km don’t worry can trade now and add cash that I have on my Uber account and get same car but 2 years younger with 70-100k less on clock.
    Nah my last Honda did 420K without any major issues.
    Who is John Galt? likes this.
  20. Who is John Galt?

    Who is John Galt? Author

    ADL - in the car
    Ask this bloke - he is a squirrel and he is an expert on everything !!


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