Uber Drivers Can Claim an Immediate Tax Deduction for Capital Expenses Such as a Car

If you are an Uber driver did you know the ATO sees you as self-employed? Well yes that is the case and it means you have access to all the tax concessions available to small businesses, including the temporary full expensing of capital items available until 30 June 2023. That means you can immediately deduct the cost of any plant, tools or equipment you use in your business, including items such as computers and even motor vehicles irrespective of the cost (very handy for Uber drivers buying new or second hand cars). 

From 1 July 2023 to 30 June 2024, if your business has a turnover of less than $10 million, you can claim an immediate deduction for plant tools or equipment for items that cost less than $20,000.