Business Activity Statement need help.

• 

  dasher86 on 04/04/2017 - 19:37

  When you say you have no expenses to claim
  .. how much did you spend on petrol for Uber?

  • 

    Aleksstoj on 04/04/2017 - 19:38

    $60 roughly

    • 

      bemybubble on 04/04/2017 - 19:53

      https://www.ozbargain.com.au/node/299770

• 

  MrHyde on 04/04/2017 - 19:56

  +3

  Put all expenses incurred in the generation of your business income on the BAS along with its GST component. The end result will be that the GST you have to pay the ATO will be the difference between the GST you earned and the GST you spent. So, something like $213 - $5.45 = $207.55.

  Did you also purchase any tools for during your time as an electrician or pay any registration fees for Uber, etc.

  In your annual tax statement, you will declare your business income (ex GST) and expenses (ex GST) to determine how much tax you need pay. The BAS is primarily only to work out the GST credits that you need to pay the ATO.

  • 

    weetyrs on 04/04/2017 - 21:33

    +2

    in addition to this, you should also be calculating the % of time you use your mobile for your contractor work as an electrician and uber driver, so you can then claim other things such as mobile phone use.

    while you may be claiming this as a tax dedcution, it is more beneficial to claim the GST credit as you get refunded the whole dollar instead of a % of the dollar.

    protective clothing such as gloves for electrician work can also be claimed. again, always remember this: claiming GST credit > claiming that dollar as a tax deduction

    keep a log book as Wq Orz mentioned. it lasts for 5 tax years and enables you to claim a percentage of other costs associated with running a motor vehicle like what Wq Orz has said below. depreciation is a big one as well, especially if you have just purchased a new car! no GST on depreciation, but it will mean that you'll most probably end up not making an tax profit on your ABN income

    keep in mind that you can't offset your ABN tax losses against your employment income, BUT you can if you pass a non commercial loss test.

    if you think it's worth it and you have the time and scalability to do so, you can ramp up your ABN income to above $20,000.

    then if you still make a tax loss on your ABN business, you have met a test and the tax loss can then be offset against your employment income. but of course, this means that your expenses have to be above 20,000, which is possible if you purchase a new car through finance (paying off the car over a period of time), and you buy an expensive enough car to give you a big depreciation expense amount.

    there are 3 other tests as well, go to the ATO website and check it out.

    but hey, if you find yourself making a profit from your ABN jobs, its a GOOD thing.

    making a profit is NEVER a bad thing (despite having to pay tax and what not). always good.

    if youre still unsure, best to see an accountant because this is definitely not official tax advice, just going off my personal knowledge.

    remember, any accounting fees paid are claimed as a tax deduction as well! (if your accountant isnt doing this for you already, he/she shouldn't be an accountant..)

• 

  Wq Orz on 04/04/2017 - 20:26

  +1

  To form up the numbers is the easy part, the difficult part is compliance issue with the ATO and all the claimable items.

  For example, based on the information given:
  G1 Total Sales $2,340
  G11 Non Capital Purchase $60 (You need to retain all the petrol invoices for unto 5 years)

  1A GST on Sales $213
  1B GST on Purchases $5 (No decimal places when you fill out the paper form)

  However, beside the number, you will also need to use a log book to separate business use and personal use of the motor vehicle. (i.e. 12 weeks records of showing how you use the motor vehicle, record odometer readings, date, distance traveled and purpose of travel). This would allow you to claim a percentage of depreciation of the motor vehicle, repair or services costs, petrol, insurance as well as claim back the GST you paid etc.

• 

  50centscheaper on 05/04/2017 - 10:00

  I don't see any reasons to register GST if you only have this low turnover.

  I think you are only required to register for GST if you turnover is 75,000 or more

  https://www.ato.gov.au/Business/GST/Registering-for-GST/#Doy…

  • 

    bemybubble on 05/04/2017 - 14:11

    Yes you do:

    "There are conflicting views about ride-sourcing drivers being taxi drivers. Who is correct?

    Our advice that drivers providing ride-sourcing services are providing taxi travel under GST law was upheld by the Federal Court of Australia. We are administering the law on that basis.

    Our view is only about how Australian Government tax laws apply and whether a particular activity is taxi travel for GST purposes. The various states and territories have different laws about what a taxi is for their own regulatory purposes and the ATO view of the tax law does not affect the interpretation of what is a taxi for state regulation purposes or for other Australian Government law purposes."

    https://www.ato.gov.au/business/gst/in-detail/managing-gst-i…

    • 

      50centscheaper on 05/04/2017 - 16:56

      Yes you are right.

      I was referring to his part time electrician job ($1925 inc GST) .

      • 

        bemybubble on 05/04/2017 - 17:01

        Yes but if he's operating out of the same entity (i.e. sole trader) then he can't differentiate. Has to be all in…

      • 

        loke on 05/04/2017 - 17:22

        but if he has ended his stint as an uber driver, then he'll have more in pocket $1925 vs $1750 if he cancels his GST registration

      • 

        bemybubble on 05/04/2017 - 17:34

        @loke:

        If he ended his stint as an Uber driver and he turns over less than 75k then by all means he can choose not to be registered.

      • 

        Aleksstoj on 05/04/2017 - 21:40

        @bemybubble:
        What happens if did not perform any work in a particular quarter do I still need to lodge some paper work?

      • 

        bemybubble on 05/04/2017 - 21:54

        @Aleksstoj:

        Depends on if you're still registered or not. If you're registered and did nothing you will still need to lodge NIL documentation