Inheritance and capital gain tax

Q:

My aunt passed away. I inherited stock shares from her. Do I need to declare it on my tax return?

A:

Inheritance is not the CGT event. However, when you sell the share, the sale is CGT event and you need to declare in your tax return whether it is gain or loss. The key dates are date of acquired and date of selling.

Uber Driver and GST registration requirement

Q:

I am start working as Uber driver. ATO asked him for ABN and GST registration. ABN is already registered by myself. But I am not sure whether I need GST registration or not?

A:

Uber drivers must register GST as per ATO requirement. Normally, GST registration is only needed if your yearly income is more than $75,000. However, Uber driver need to register GST eventhough you earned one dollar only because Uber driving is under the category of the taxi service.

Uber drivers must

• register ABN and GST
• record your expenses related to Uber driving
• lodging and paying BAS at the end of each quarter. BAS due dates are 28 Oct, 28 Feb, 28 Apr, 28 Jul. Add your income. Add your expense. Calculate GST (GST on income = income x 1.1, GST on expense= expense x 1.1).
• Kept log book
• at the end of financial year, after 30 th June, declare your income and expense (excluding GST) on your tax return. 

Receipts to Keep

• Fuel, Insurance, Car servicing, repairs and maintenance, batteries, tyres
• Interest paid on your car loan (if applicable)
• Receipt of purchasing your car
• Cost of becoming Uber driver
• Odometer reading at 1st July and 30 June or Uber driving period