Tax invoice and record keeping essentials

Snap photos of your receipts and link them to expenses right from your phone.

Tax invoice and record keeping essentials

Fuel — fuel receipts are the best form of evidence, so we suggest keeping an envelope in your glovebox to collect these. Keep a little notebook handy in your glovebox to write these down. Lease Payments — if you lease your car, the whole amount of your lease payments are deductible Logbook — to claim all of the above expenses, you must have a valid logbook.

You can also claim kilometres between home and your first trip, and from your last trip back home again. This would give you a lower tax deduction and therefore a bigger tax bill.

Tax invoice and record keeping essentials

Keeping a Logbook Here are the essentials of keeping a logbook: It must go for 12 weeks. But you must start before the 30th of June for it to count for the current year.

You should start your logbook when you leave home or switch on your delivery app, and stop when you arrive back home or switch off the app. Your kms to and from home, and your kms in between deliveries can all be included. Using an app is also fine, as long as you are still recording your odometer readings.

Other costs that will be deductible include: Cleaning Costs — for specific passenger incidents you can claim the whole amount, but general cleaning costs, such as car washes, must have your logbook percentage applied.

Clothing — clothing is personal expense. Only safety wear, such as hi-visibility clothing or steel cap boots is deductible. Need to Lodge Your Tax Return? If you have a rental property, capital gains or any other tax complexities, DriveTax have the expertise and experience to help with those too.

You can read more about our services, view pricing, and browse our appointment booking calendar for a timeslot that suits you by visiting our website In the meantime, follow us on Facebook to stay up to date with tax news, tips and due date reminders for rideshare drivers.Contact your customer service support team about products, services and more.

Or, you may have to keep certain tax, employment, contract, or other information for a set period of time. A good record retention policy is one that fits your business needs and helps prune the records you no longer need, from those you still need to keep.

Discussing this with Intuit product managers, the updated sales tax feature is offered in the US versions of QuickBooks Online Simple Start, Essentials and Plus. The ATO is the Government’s principal revenue collection agency. Our role is to manage and shape the tax, excise and superannuation systems that fund services for Australians.

Since July , the Australian Tax Office withdrew support for E-Record – their free electronic record-keeping system. For small businesses (like mine) this is a disappointment, while E-Record was very simple it provided all the functionality necessary without the steep learning curve of other software..

The ATO website no longer includes links for the E-Record . Full Motoring MoneySaving checklist to cut driving costs and save on car insurance, fuel, parking, MOTs and more from Money Saving Expert.

Record keeping for small business | Australian Taxation Office