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Tax Return - Ride Sharing

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Newbie

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Replies 2

Hi,

 

I would like some information on entering my Ride Sharing Income in my tax return in MyTax via MyGov.

 

I have looked at the pages on the ATO web site along with reading various forums.

 

Thus far I have deduced that the ridesharing income goes in the Sole Trader area (You were a sole trader or had business income or losses, partnership or trust distributions (not from a managed fund)).

 

Could somebody please point me to the page that explains the things that I should tick so that I can enter my Ride Share income. I did watch the video about the lady that started the dog grooming company and this didn't seem applicable.

 

I'm envisaging something like:

If you earned PAYG income along with Ride Sharing Income

 - Tick 'You were a sole trader...' on the Personalise return screen

 - Then tick Business/Sole trader income or loss

 - Some difinitive guidance on defining Personal services income vs Business income or loss in terms of Ride Sharing is required

 - Click next

 - On the Prepare return screen, select Add in the Ride Sharing income in Business/sole trader, partnership and trust income area

. Again, some advice on the applicability of personal services income for Ride Sharing would help

 - Search the Main business or professional activity - Ride Sharing isn't in the list, some guidance is required here

 - In the Business income statements and payment summaries enter ??? some guidance required here

 

A detailed ride sharing example would help a lot.

 

Some friendly comments on the responses I have seen in this forum. There are many pages on the ATO website about Ride Sharers registering for GST, completing monthly Activity Statements, claiming GST deductions etc. I haven't seen any pages on the ATO website for Ride Sharers specifically about completing the Annual Tax Return. Although the monthly activity statements and the annual tax return are related, they are in fact different things. So please don't reply to questions like this, that are about the annual tax return, with references to the pages about monthly activity statements.

 

Thanks in advance,

Steve

1 ACCEPTED SOLUTION

Accepted Solutions
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Best answer

Newbie

Replies 1

The Ride sourcing part on https://www.ato.gov.au/Individuals/myTax/2019/In-detail/personalise-return/?=redirected_myTax19Shari...

Is a good start, it says:

If you received income for 'ride-sourcing' services, select:

  • You were a sole trader or had business income or losses, partnership or trust distribution (not from a managed fund)
    • Business/Sole trader income or loss, then
    • Business income or loss

 

The instructions above are at the beginning of the return. Further information required for the applicable choices on the 

Business/sole trader, partnership and trust income (including loss details) part of the actual return. 

Personal services income?

Main business or profession activity?

etc.

2 REPLIES 2
Highlighted

Best answer

Newbie

Replies 1

The Ride sourcing part on https://www.ato.gov.au/Individuals/myTax/2019/In-detail/personalise-return/?=redirected_myTax19Shari...

Is a good start, it says:

If you received income for 'ride-sourcing' services, select:

  • You were a sole trader or had business income or losses, partnership or trust distribution (not from a managed fund)
    • Business/Sole trader income or loss, then
    • Business income or loss

 

The instructions above are at the beginning of the return. Further information required for the applicable choices on the 

Business/sole trader, partnership and trust income (including loss details) part of the actual return. 

Personal services income?

Main business or profession activity?

etc.

Highlighted

Newbie

Replies 0

I have also found on 

https://www.ato.gov.au/general/the-sharing-economy-and-tax/ride-sourcing/income-and-deductions-for-r...

 

It says:

  • declare the income as business income
  • if your main source of business income is ride-sourcing, type 'Taxi service operation' as your main business or professional activity.