10 ways Saasu works for Uber drivers
March 16, 2017 by Oliver Sirisonthi
On 17 February 2017 the Federal Court of Australia handed down its decision that ride-sourcing is taxi travel. This guidance continues to apply. The Court’s judgment (Uber B.V. v Commissioner of Taxation  FCA 110) is available on the Federal Court of Australia’s website.
If you have a ride-sourcing enterprise, the Australian Taxation Office (ATO) wants to help you get your tax right. You need to:
- keep records
- have an Australian business number (ABN)
- be registered for goods and services tax (GST), regardless of how much you earn
- lodge business activity statements (BAS)
- pay the GST portion of the full fare received from passengers for each trip you provide
- include your income from ride-sourcing in your income tax returns.
Drivers are also entitled to claim income tax deductions and GST credits (for GST paid) on expenses (you may need to apportion these so you only claim amounts relating to providing ride-sourcing services).
Saasu and your Uber business
Saasu can jump in and help you keep track of your Uber business. Below are ten ways how Saasu can help Uber drivers:
- Saasu’s small plan costs only $15 a month and allows up to 1,000 transactions a year. The price includes GST, so you can claim GST paid to Saasu in your Business Activity Statement(BAS). Moreover, the features of Saasu’s small plan are more than enough to assist you as an Uber driver to keep track of your business.
- You can connect your Saasu account up to three different bank accounts(including PayPal) to download your bank transactions. Compared to traditional data entry, you don't have to manually key in your bank statement transactions into Saasu. Your Saasu account will receive bank transactions from your bank via the bank feeds automatically. This helps to speed up the time it takes to do your books.
- Bank Rules and Fast Coding helps you speed up your bank reconciliation process.
- Saasu is easy to use and runs in the cloud. You can access Saasu from a PC, Mac or tablet. Additionally, Saasu’s mobile app for iOS and Android devices helps you while you’re on the go. You can do your bookkeeping anywhere, anytime as long as you’re connected to the internet.
- Saasu has a BAS Summary report and BAS Detail Report. These two reports will help you prepare the Business Activity Statement (BAS) at the end of each quarter.
- Saasu provides a Profit and Loss report which indicates your income and expenses relating to the business. You need this information when you prepare your individual income tax return for the financial year end.
- You can invite your financial advisor, bookkeeper or tax accountant to access your Saasu file to help you manage your business.
- Use a debit card(or a credit card) issued by your bank that is connected to your Saasu bank feed to pay bills for business-related expenses. Instead of using cash to pay bills, we recommend that you use a debit card(or a credit card) as you can have card transactions delivered to your Saasu file.
- In case you cannot use a debit card(or a credit card) to pay your bills and you have to use cash, you can use a journal entry to record cash payments.
- You can attach a file to a transaction in Saasu. For example, you can attach a fuel receipt or a toll receipt to a purchase transaction, and you can attach an Uber statement to a sale transaction.
The above are just a few(out of many) ways Saasu can help you stay on top of your Uber business.
If you need help setting up Saasu for Uber, please feel free to contact our service team at email@example.com.