Discussion in 'Brisbane' started by basherballgod, Sep 7, 2015.
Well you have now lost 10% off the resale value of your 2014 BMW a car you paid how much for to do Uber? Newstead etc would suit you, they expect Limo service but are too tight to pay for and rate you badly for who knows what, worst area to drive to or from.
My tip to would have been to do something else, my friend has just had his second accident as an Uber driver and his car will be off the road for another week, both were taxis that drove into his car. The second acident had 2 cops witness it then tell him they would not do anything as he was an Uber driver. Another Uber driver I see at the airport regularly had his car reversed into by a taxi driver who then blamed it on him, you get it, the Uber driver rear ended me story which I hear has been done to several Uber drivers, this same guy had a truck run into his car the week before. This driver lost his car for a week for repairs which were badly done and will now lose it for another week while they are fixed. Both these guys were lucky they were not at fault in any of these accidents but have both had near new cars destroyed in value in accidents not to mention extra wear and tear.
I am sure you have not read the forum because you would realise that in an accident your Insurance company may not pay to fix or replace your 2014 BMW which I take it is a really small one because you would say otherwise.
BTW Sundays are not terribly good, things change all the time with Uber, they flood the market with drivers, then they all get pissed off and leave after Uber drops the fare or some other such thing and then you are busy again.
Also your $230 is minus Ubers 20% and ATO 10% GST minus $5 or $6 per hour fuel minus maintenance, insurance extra wear and tear etc. Hmmm $40 per hour on a Sunday would be incredible gonna BS on your figures mate unless it was 2am til 6am.
Where to sit, wherever you feel comfortable and safe, somewhere you can eat and close to a toilet is my recommendation.
I agree, the best advice is to be brutally honest with you. The GST registration is a big deal whether you do 1 trip or 1000, theres no way around it. It turns a casual gig into a career, business or full time job with increased paperwork for logbooks, quarterly bas, receipts, calculations and more expensive tax returns.
Important factors is insurance thats huge. If there car is financially encumbered and you have an accident even a not a fault claim, policy can be denied and your stuck paying for car thats un-drivable. Taxi drivers regularly take pictures of Uber car number plates and submit them to IFBA and insurance tip off contacts. Once done its void even if not logged on to Uber 10 months down the track, only once a claim arrises will it become evident.
Read the partner agreement and be 100% ok with its entire contents, then read it again. You indemnify Uber and agree to hold them safe from any claims arising for passenger injury. So while Uber has a $5mil contingency policy, it's contractually not yours, nor does it exist for the purpose of covering you.
10% GST to ATO is payable on top of the car sale when sold, keep in mind you have to stay GST registered for at least 1 year. I hope you didn't plan on selling this vehicle anytime soon. A lot of people don't realise this.
Be smart with your money and honest to yourself abut your figures, if it starts to look bad bail while you can. Otherwise you get stuck in a spiral continuing with Uber to pay of debt while accumulating more expenses.
GST is payable on the whole fare not just the portion you receive.
Dashcam both internal and external regardless of what the Uber do gooders tell you about legalities. Don't be too obvious about the cameras but when asked answer honestly mentioning the audio is turned off (but don't turn it off) nor use any of the footage other than defending yourself against wrongful allegations.
Best advice is experience and not to refer any more drivers as it cuts into your own profits.
Last thing, just be careful, smart and witty when Ubering, something doesn't feel right cancel and move on.
Any recommendations for good dash cams - internal and external?
No specific brands or units (unless a company wants to pay me LOL) but you want;
3m adhesive prefereed over the suction cup mount
Unit with good night vision/recording
So many on the market these days
So you are taxed at top tier and still have to Uberx to cover wedding cost? Really?
Pre tax. Yeah that term that uber uses. Gross fares etc etc.
I bought a pile of Uniden crash cam model 750 (or 700) recently for a fleet of coaches.
They produce a fairly decent night image (although they sit up higher than a car widescreen). Records speed which can be handy.
Though you can get dual recording models (or use smart phone)
Yeah dude your math is a little off. Newbie red flag. I highly suggest you make what you want, say set a goal of $1,000 or $2,000 and get out of this game. It's a pitfall and you will soon realize that. Especially parts for a BMW and shop fees and say adios to any earning you made for the entire month...if not two.
You are likely in violation of your auto lease.
Better hope they don't figure out your UberX affiliation when you trade it in.
The massive extra miles are going to be huge red light, and may also violate the terms of an auto lease.
But we're glad you've got it all figured out
Heads up- W2 taxes withheld numbers are quite different than 1099 numbers.
You got it all covered tho.
Single riders on Thu Fri Sat party nights and close to the CBD, i'd encourage rider to the front seat.
The NRMA business insurance has to be Special Occasion Hire and must verbally or written express you conduct UberX business. Only those who have specifically disclosed about Uber are covered with a higher excess in the event of claim. Spoken from NRMA but encourage you to make your own inquiries if in doubt.
Before GST and rate cut with less drivers online than now, it typically took me 40hrs to make $800 in fares not profit with usually 1.5 to 2 tanks of fuel $80-90ea. which are terrible figures. Let us know income figures in a month after you get the feel for things.
If you're already being paid to be on the road, then presumably your fuel is already paid for (not that it's right that your employer pay for your Uber profiteering but that's your business).
Depending on what kind of work you do, and how much flexibility you have, just be careful that the fare you expect to go around the corner, doesn't drag you out of town (damm Murphy's law!) and you're late for your primary gig.
There are lots of other ways to make a dollar through Uber, you'l figure them out, or just trawl through these pages when you're sittin, waiting.
On the Aussie tax form, that's D4 andd yeah I've forgotten the other section's code, but although we've accepted your American company here, we said 'no thanks' to your I.R.S.
Yeah I'm not up on W2 vs. 1099 in Oz tax speak, but since the powers that be in the Western world want their pound of flesh I'm assuming self employment tax is just as bad there.
If I'm wrong, I apologize.
Our govt. still takes a hit because of Uber's structure (not paying corporate tax) but that isn't contingent on people being employed vs. self employed.
Australian employers don't pay health/social security levies/taxes.
Employers have Workplace insurance premiums (self employed are exempt)
Individuals pay a medicare surcharge based on income, not employment status.
Seriously mate, this forum is for Uber drivers, we are trying to be honest with you and everyone else, there are no positives to being an Uber driver. You will destroy your car, if your employer bought it they will be less than impressed and you may need to find another job. My story about my 2 friends and the 2 accidents is real, I can introduce you to them if really needed, one has been with Uber since the start and the other is just going on 3 months.
You keep after expenses somewhere around half of what you get per fare while wrecking your car and stand the chance to be on the hook for the whole car and in your position you may have enough assets to make it worth while for a lawyer to take them all off you and keep you in court while ruining your marriage and health til you are old and gray. I may sound condescending but it is the plain truth, we bash on about the same things to help you whether think so or not, I am old enough and experienced enough to have seen many sad things, including too many suicides to count over these exact things. I want other people to learn from our mistakes, I have driven for many years now, I know what I am talking about here. You cannot ever make enough money driving for Uber to pay for the repairs on a BMW, it's why Limo drivers charge 3x what a cab charges. It's why cab drivers drive second hand Camry's not new ones. It's not the whole industry who don't get it, it's just you, these people have been in the industry for a million years, they do things for a reason and it's all about making money. A BMW is not the vehicle for Uber, in case you did not count your Km's while you were driving you should check again, I suspect you grossly underestimated your Uber usage.
Read what instyle wrote he is also a professional driver he knows his stuff, do your sums again honestly and you may change your mind or at least go out and buy a second hand car more appropriate to the job which if written off or just damaged won't matter so much.
When you realize you've made a mistake, make amends immediately. It's easier to eat crow while it's still warm. ~Dan Heist
Your Insurance does not cover you for Uber, it covers work use which is NOT taxi driving.
Just noticed you pay top tax bracket, seriously this makes no sense, talk to your accountant they will tell you, they will probably have a truck driver or cabbie as a customer or maybe several. Your accountant will give you real life figures. Being in that bracket halves what you earn again.
At $40 per hour absolute best case scenario
minus 30% Uber and ATO GST is $28
minus Fuel $6 per hour is $22
minus other stuff $18 very conservative here for a BMW.
At 45% tax you end with $11.70 per hour, you could, as has been pointed out many times work at maccas for more money.
So you earn over $180k a year and need to do Uber at $11.70 an hour
Imagine if you only averaged $25 per hour before Uber etc.
I was going to make a comment about the same thing. How can someone making enough money to fall in top tax bracket be so financial illiterate? And believe me financial illiterate is a kind term to use in this scenario ^.°
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