I’m a CabFare customer and I receive commission from CabFare. What is my GST reporting requirements for this commission payment and how should I account for this commission payment in my annual tax return?
CabFare Pty Ltd (CabFare) does not provide taxation advice and you should seek specialist taxation advice as to your individual taxation and reporting requirements from your accountant or taxation advisor.
In terms of the payments you receive from CabFare there are two components.
- The first is the metered fare value, GST is included and you are responsible for reporting it in your regular BAS/IAS.
- Separately CabFare provides EFTPOS terminals and payment services to you to enable the passenger to pay for the metered fare with a Credit or Debit Card. CabFare collects a Non Cash Payment Surcharge for providing this service, including GST. CabFare reports Non Cash Payment Surcharge and pays the GST on the Non Cash Payment Surcharge to the ATO.
Some Drivers receive a share of the Non Cash Payment Surcharge charged for the EFTPOS transaction from CabFare, which includes GST. These Drivers should consult with their Accountant or Tax Agent who will advise them on the correct treatment of GST and Income from the Non Cash Payment Surcharge applicable to their situation.
You should note that this is CabFare’s view on the payments it makes to you. Payments from Cabcharge, State Government Taxi Subsidy schemes, or other EFTPOS providers may necessitate different treatment.
These external links may be of assistance: