Founded by qualified accountants, Selda Kaplan and Michael Kambouridis, Rideshare Tax has now officially launched to the Australian rideshare community and it 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 vented to Selda about his tax woes and the lack of support available.
With rideshare drivers having to pay GST and lodge quarterly BAS statements from the moment they start driving, Selda and Michael realised there was a gap in the market for a streamlined, compact and easy-to-use app that could guide drivers through their tax journey.
From applying for ABN and GST, to tracking and managing expenses, Rideshare Tax is an in-hand accountant, without the costly fees.
How exactly does Rideshare Tax work?
The free app, which is the first of its kind directed at the rideshare industry, is available for both Android and iOS users and allows drivers to download income, track earnings and access a digital logbook. For maximum ease, Rideshare Tax has also partnered with rideshare leader, Uber to allow their riders’ data to be downloaded directly into the app. The team has plans to organise similar arrangements with Ola, Shebah, DiDi and Bolt in the future.
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.
“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,” says Michael.