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Sam_k(Newbie)Newbie
30 May 2024

I am currently working full-time on a TFN income and plan to start ridesharing with Uber, using my car. Since I am starting late, May end, I anticipate having more deductions on expenses than my income.


My question is: Will the extra deductions on my ABN income apply towards my total income from both ABN and TFN, or are ABN and TFN deductions calculated separately? My assumption is that income from ABN and TFN is combined, then the deductions are subtracted, and tax is calculated. Can you clarify the correct process?


Additionally, if I am already paying quarterly GST on ABN income from Uber ridesharing, do I still have to pay income tax on ABN income? If yes, how much?


Thank you.

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369 views
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Taxduck(Taxicorn)Taxicorn
30 May 2024

Employment income (TFN) and business income (ABN) are two separate income earning activities. Expenses for business can only be claimed off business income. If at the end of June 30 business expenses are greater than business income then the business loss can only be claimed off other taxable income if you meet the income requirement and one of the 4 non-commercial business loss tests. See link

https://www.ato.gov.au/businesses-and-organisations/income-deductions-and-concessions/losses/non-commercial-losses

GST is separate to income tax on business income. The tax you are liable for will depend on your total taxable income for the year from all sources (employment, investments and business)


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Most helpful reply

Taxduck(Taxicorn)Taxicorn
30 May 2024

Employment income (TFN) and business income (ABN) are two separate income earning activities. Expenses for business can only be claimed off business income. If at the end of June 30 business expenses are greater than business income then the business loss can only be claimed off other taxable income if you meet the income requirement and one of the 4 non-commercial business loss tests. See link

https://www.ato.gov.au/businesses-and-organisations/income-deductions-and-concessions/losses/non-commercial-losses

GST is separate to income tax on business income. The tax you are liable for will depend on your total taxable income for the year from all sources (employment, investments and business)


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Clarification on ABN and TFN Income and Deductions | ATO Community