What income you need to declare in your tax return

Short answer:

When you your car through Car Next Door, you need to declare all income you receive in your income tax return and are entitled to claim certain expenses as income tax deductions.

Should you declare gross or net income?

When declaring your income, you should declare your gross income (before Car Next Door’s commission and any other costs are deducted). Your gross income for the financial year is listed on your financial year summary on the 'Trip Income' line.

Insurance or damage payouts

If you received an insurance payment for your car, you also need to declare a portion of it as income from sharing your car. The portion is worked out as the portion of your car's personal use vs income-producing use, over the time you have owned it.

Related articles

What costs you can claim in your tax return (including depreciation)
How to apportion your expenses between personal and income-producing use
Tax requirements for sharing a car that is owned by someone else or jointly owned
Can I claim a Car Next Door loss against my salary and other income? 

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