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Entering income and deductions for ride sourcing on my tax

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Newbie

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I am a little confused on entering my ride source income and deductions in my tax.

I have entered my details on the Business/sole trader, partnership and trust income (including loss details) banner and my income on the Business income statements and payment summaries banner as gross payments for non primary production. Is this correct??

 

Ive entered my vehicle deductions and other deductions as expenses (is this correct), however they total more than my income and that is where I am confused as to how to proceed.

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Hi @aliens ,

 

Thanks for your questions.

 

Starting with the ride-sourcing income. Did you receive an Income statement or PAYG payment summary – business and personal services income where the payment type is Voluntary agreement, Labour-hire payment or Other specified payments and tax has been withheld?

 

If you did then you've entered that income at the right section. If you didn't receive Business income statements or payment summaries or you did and no tax has been withheld then that's not the right section. If that's the case, first record the information, delete it from the Business income statements and payment summaries section then if:

–  PSI rules apply, go to Personal services income.
PSI rules do not apply, go to Business income or losses

 

If the total of your business expenses exceed your business income then you've made a loss. You're providing the expenses at the right section, please refer to completing this section

 

I hope you find this useful,

JasonT

1 REPLY 1
Highlighted

Most helpful response

Community Support

Replies 0

Hi @aliens ,

 

Thanks for your questions.

 

Starting with the ride-sourcing income. Did you receive an Income statement or PAYG payment summary – business and personal services income where the payment type is Voluntary agreement, Labour-hire payment or Other specified payments and tax has been withheld?

 

If you did then you've entered that income at the right section. If you didn't receive Business income statements or payment summaries or you did and no tax has been withheld then that's not the right section. If that's the case, first record the information, delete it from the Business income statements and payment summaries section then if:

–  PSI rules apply, go to Personal services income.
PSI rules do not apply, go to Business income or losses

 

If the total of your business expenses exceed your business income then you've made a loss. You're providing the expenses at the right section, please refer to completing this section

 

I hope you find this useful,

JasonT