Taxpayers that provide taxi, limousine or ride- sourcing services must register for GST regardless of their turnover.

They must collect and pay GST and income tax on all their rides and all other business income.

The ATO is advising drivers in this industry who do not have a TFN, ABN or GST registration that they need to register now, and collect, report and pay GST on all their future rides.

They also need to report all their income from their rides in their next tax return.

Penalties and interest may apply for drivers who do not register for GST.

Drivers who have not declared all their income for ride-sourcing in prior years can amend a previous tax return.

If you have any questions or would like to speak to one of our professional business and tax advisors, please contact our office on (08) 9392 7600 to make a booking or click here.

With three offices across Western Australia and over 20 years of experience, Acclaim Accounting is a dynamic team of highly trained and skilled individuals committed to providing innovative and effective advice, excellent service and maintaining only the highest standards in ethical professional practice