Any information stated by Car Next Door is general advice and does not take your individual circumstances into account. You will need to fully consider your individual situation and if necessary seek professional advice. 

Short answer:

The ATO has published very helpful advice for people who rent out their cars. Read this carefully for clear guidelines on how to declare your income and expenses from sharing your car on your tax return.

Declaring income from renting out your car

The income you earn from renting out your car is considered to be assessable income and should be declared on your tax return. You can also claim certain expenses, like your membership fee and car expenses, as income tax deductions.

The ATO has published some very helpful tax advice for people who rent out their car. This is a must-read if you are sharing your car.

You can also speak with your accountant to get advice relevant to your situation.

Goods and Services Tax (GST), Australian Business Numbers (ABN) and companies

We recommend you speak to your accountant about registering for GST, starting a corporate entity or registering an ABN. As with income tax, there's no one-size-fits-all solution. Your accountant will be able to provide you with professional advice for your individual situation.

What to do to be ready for tax time

Interested in renting out your car? Get your car earning money for you now!

List your car on Car Next Door

Was this article helpful?
6 out of 10 found this helpful

Comments

0 comments

Article is closed for comments.