Rideshare drivers are obliged to pay GST and lodge quarterly BAS statements, but many don’t know how. Now, with the “Rideshare Tax” app, meeting strict accounting standards has never been easier – or cheaper!
Founded by qualified accountants, Selda Kaplan and Michael Kambouridis, Rideshare Tax has now officially launched to the Australian rideshare community. The startup already has the support of rideshare giant, Uber.
The fintech app, which simplifies and demystifies tax requirements for rideshare drivers, was created after a disgruntled rideshare driver complained to Kaplan about his tax woes and the lack of support available.
With rideshare drivers having to pay Goods and Services Tax (GST) and lodge quarterly Business Activity Statements (BAS) from the moment they start driving, Kaplan and Kambouridis noticed there was a gap in the market. Their solution filled the gap with a streamlined, compact and easy-to-use app that guides drivers through their tax journey.
From applying for an ABN, to tracking and managing expenses, Rideshare Tax is essentially a mobile accountant, without the costly fees.
The free app, which is the first of its kind for the rideshare industry, is available for both Android and iOS users. Currently, amongst other features, it allows drivers to download income, track earnings and access a digital logbook. For increased convenience, Rideshare Tax has also partnered with Uber to allow their riders’ data to be downloaded directly into the app.
App users can download BAS reports for free, or seamlessly and securely lodge them through the app for a small price of $49 per quarter. With the ATO cracking down on the sharing economy, Rideshare Tax provides a simplified solution, with access to qualified accountants, that can save drivers hundreds of dollars per year.
With over 1300 signups to the platform so far and plans to launch an equity crowdfunding campaign at the start of 2020 to push further growth and awareness across the country, Rideshare Tax is set to revolutionise the way rideshare drivers manage their tax for good.
Co-founder, Michael Kambouridis, says, “The sharing economy is booming, but drivers are becoming overwhelmed with the bookkeeping and tax requirements. Rideshare Tax is a one-stop-shop for rideshare drivers. We’re here to ensure they can drive more and worry less”.
As the Rideshare Tax team looks to 2020, they have big plans to organise partnerships with Ola, Shebah, DiDi and Bolt.
Find out more about the Rideshare Tax app on their website.