EOFY for Ola drivers
It’s tax time and end of financial year.
This is the period between 1 July 2018 and 30 June 2019.
Ola does not offer any tax advice or accounting services directly. We encourage drivers to seek advice from a tax agent or accountant.
What to consider when lodging your tax return.
Ola suggests that you familiarise yourself with the tax obligations for a rideshare (ride-sourcing) driver, as governed by the Australian Tax Office (ATO). Read HERE
Being registered for GST purposes means you need to report your business income and expenses for a given period in a Business Activity Statement (BAS). Based on the outcome of your BAS, you may need to pay the ATO an amount of GST payable (if income is greater than expenses) or the ATO may owe you a refund (if business expenses exceed income).
Your Expenses & what you can claim
You cannot claim a deduction for the private use portion of costs associated with running your vehicle. However, it may include expenses that relate to holding, maintaining or operating any assets used to provide the ride services: