1. Income must be declared on your tax return
2. Claim deductions for any work related expenses
- If you are an Uber driver, most of your expenses are likely to focus on the costs of purchasing and running your vehicle. Remember to keep a log book of your journeys over a 12 week period so you can work out the business/personal split and keep a log of all journeys, including travel to and from pick-ups. Keep receipts too, so you can substantiate costs like fuel, servicing, car cleaning, etc.
- If you rent out a room through Airbnb, you can claim an appropriate proportion of any property related expenses such as rates, cleaning, heating and lighting, water, and cable TV subscriptions (if your guests have access to a TV connected to a cable service).
- If you’re an Airtasker worker, you can claim the cost of any tools or equipment you use in your work, as well as the costs of travelling to and between jobs.