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Ride sourcing – Claiming car expenses

Those who participate in ride-sourcing (i.e., Uber, GoCatch) as a driver can access a number of tax deductions come tax time.

You may be able to claim expenses such as:
– Parking fees
– Road tolls
– Mobile phone costs
– Fees or commissions charged the facilitator
– Other expenses – to the extent that they relate to work-related travel.

Under the logbook method (the business-use percentage of car expenses) include:
– Petrol
– Depreciation of your car
– General vehicle running costs such as insurance, car rego and repairs
– Maintenance.

Expenses you cannot claim include:
– Fines, such as parking and speeding fines
– Fuel tax credits
– The cost of getting and maintaining a standard driving licence
– Costs of a capital nature, such as car purchase price
– Personal or private expenses, such as the private use of a car used for ride-sourcing activities.

If you use your car for both personal and work-related use, you will need to apportion your car expenses appropriately. If the owner of the car is a spouse or de-facto partner, you can still claim deductions for the car as it is considered a joint asset.

You may be eligible for a range of concessions, i.e., simpler depreciation – instant asset write-off if you are a small business entity in an income year. Be sure to review your eligibility each year.

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News

Authority for super complaints introduced

December 14, 2018

The new Australian Financial Complaints Authority (AFCA) will make it easier for individuals and small businesses to make complaints about their superannuation financial firms.

The Coalition government has responded to criticisms of previous dispute resolution bodies by creating a new financial disputes framework. AFCA has been described as a “one-stop shop” that will improve outcomes for consumers and increase the efficiency of the dispute resolution process.

AFCA’s jurisdiction
AFCA has been given authority over a range of complaint areas including:

What you can make complaints about
Your super complaint to AFCA must adhere to its governing rules. AFCA has specific time limits for complaints but no monetary limits.

You can make complaints about: