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Re: Taxi Driver - GST and my manually calculated income tax.

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Initiate

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Replies 6

Hi there, 

I'm a taxi driver in queensland. 

I'm currently filling out my tax using the ATO self-service site. 

This section has me a little bit confused and I don't want to muck it up: 

https://imgur.com/a/m9bkI3s

Per the picture: Should I include the GST I earned in my Manually Calculated Income? Technically I earned it, but it's certainly not mine to keep. 

So, say I've got an income of 24000 this year. I pay 1/11 of this in GST which leaves me with about 22000 income. 

Should I be including the 24000 figure in this "manually calculated income" box? Or should I be putting the 22000 figure? 

Thanks for your patience all. 

 

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@oshkosh

 

Thanks for your question.

 

@macfanboy is correct. The goods and services tax (GST) that you have collected on our behalf doesn't form part of your declarable income. For example if you charged your customer $100 plus GST, you would only declare $100 on your tax return, not $110.

 

For more information about how to complete the business income section of your personal tax return, refer to the goods and services tax (GST) section of the business and professional items 2019 page on our website.

 

If you are registered or required to be registered for GST, do not include any GST amounts in your assessable income. Your deductions should not include any amounts that relate to input tax credit entitlements.

 

Hope this helps.

 

Thanks,

 

ChrisR

6 REPLIES 6
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Taxicorn

Replies 3

If you are filling out your tax return then you only put in the amount of income that you earned.

 

Gross - GST.

 

Same with Deductions.

 

Note BAS exclude stamp duty but tax returns include it.

 

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Initiate

Replies 2

What if I didn't necessarily pay any of my GST for that particular year? 

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Taxicorn

Replies 1

Do you mean that you didn't lodge any BAS statements?

 

Doesn't matter, you report money that was paid to you, not the government.

 

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Initiate

Replies 0

That's correct. It's already payed back, but the bulk of it was payed after June 30. 

Thanks for your help!

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Replies 1

@oshkosh

 

Thanks for your question.

 

@macfanboy is correct. The goods and services tax (GST) that you have collected on our behalf doesn't form part of your declarable income. For example if you charged your customer $100 plus GST, you would only declare $100 on your tax return, not $110.

 

For more information about how to complete the business income section of your personal tax return, refer to the goods and services tax (GST) section of the business and professional items 2019 page on our website.

 

If you are registered or required to be registered for GST, do not include any GST amounts in your assessable income. Your deductions should not include any amounts that relate to input tax credit entitlements.

 

Hope this helps.

 

Thanks,

 

ChrisR

Initiate

Replies 0

Thanks @macfanboy and @chrisR Smiley Very Happy