HERE ARE THE TAX DEDUCTIONS TO MAXIMIZE REFUND IN 2021

 The food industry has become very lucrative in Australia. With people getting busier by the day, ordering food has become the norm. This has led to the proliferation of food delivery companies such as Deliveroo, Menulog and UberEats. As with any other income-generating business, there are tax obligations if you are a food delivery service. However, since most people are unaware of the tax return filing process, we'll take a look at it.

It's important to start by making it clear that all money made from food delivery services is taxable income. You must declare such income on your annual tax return. The issue of GST registration seems to be confusing to most food deliverers. When you partner with companies like Ola, DiDi and Uber, which are also known as rideshare drivers, you are expected to register for GST. However, food delivery services don't require this unless you earn more than $ 75,000 per year.

There are some drivers as rides drivers and food delivery drivers to make ends meet. If so, the tax calculation can be somewhat complicated. For example, you are expected to register for GST if you differentiate between delivering food and sharing rides. As such, all of your income-generating activities are subject to GST obligations, including food delivery.

However, regardless of the amount you earn as a food delivery driver from Uber Eats, Menulog, Deliveroo, DoorDash or any other food delivery company, you are legally required to declare the earnings to the ATO. If you need help, Numbers Pro  is there for you.

Food delivery delivery Tax returns

To be able to work as a food delivery driver, you must have the ABN. From a tax point of view you are not an employee of the driver companies and as such you are paid as an independent contractor. You are responsible for filing your tax returns and filing claims for deductions. The amount you earn from delivering food should be included on your tax return. There are so many uncertainties that you can have as a driver and that is why you should contact us for help.Tax Deductions for Food Delivery

Food delivery has become a major industry with so much money. As with other types of business, there are quite a few tax deductions that you can claim. This is a great way to maximize the tax refund you get. Some of the tax deductions you can do include:

Parking costs

Toll

Commissions paid to the platform

Renewal of License and Registration

Costs for car maintenance

Telephone bills

Safety equipment

Insurance

Costs for cleaning the car

If you plan to file a tax deduction, make sure you keep good records. All receipts, bank statements, and other documentation are required to file the claims. It's also important to have an income statement from the food delivery service. The Australian tax office is excited about tax deduction claims as there are taxpayers who try to file claims higher than the actual ones. It is important to note that the ATO receives data from the food delivery companies and as such you cannot cheat the system.

Numbers Pro has a great team of tax experts who will help you with the tricky topic of taxation. If you are an UberEats driver, contact us for information about any tax deductions you should claim. Contact us and make an appointment.

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