Are you sharing your car?

Peer to peer car sharing platforms are a popular way of making some extra money if you own a car. However, there are some important things to remember if you are renting or hiring your car to others. These include:

• declaring all income in your tax return

• keeping up-to-date records of all income received

• keeping records of expenses that can be claimed as deductions.

GST reporting

If you are registered for GST, you must account for it on the extra income you have earned.

If you are not registered for GST but your turnover from all of your enterprises is $75,000 or more per year, you need to register for and report GST.

If you report GST, you can also claim credits on the GST included in the price for things you purchase for renting or hiring your car.

Please contact us on 9999 9999 for further assistance.

Source : ATO Small Business Newsroom August 2018 

Reproduced with the permission of the Australian Tax Office. This article was originally published on https://www.ato.gov.au/newsroom/smallbusiness/General/Are-you-sharing-your-car-/

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