Claim Tax Savings for your Zoomo Vehicle

What are Tax Deductions? 

Deductions reduce your Taxable Income. How it works: 

Your Income (money you earn from work) 

- Minus your Allowable Deductions (e.g. Costs you incur to earn your income) 

= Equal Your Taxable Income (The amount you actually pay tax on) 

‍

To claim expenses as allowable Deductions, these expenses need to be mostly related to earning your income (Work-related expenses), such as the cost to rent your Zoomo Vehicle as you use it directly for work and therefore earning an income. 

‍

Recording your Work-related expenses

Remember you need to keep records of your work-related expenses to be able to claim these deductions when you file your tax return. In the ATO app, you can use the myDeductions tool to help you keep track of your expenses. 

To keep records of your Zoomo subscription receipts, head to your MyZoomo app to view and download your invoices. You can follow the simple instructions on our Zoomo Help Portal to locate your invoices. 

Lodging Your Tax Return 

Complete the sections about Work-related expenses in your tax return to claim these tax deductions. To lodge your tax return, follow the lodgment options here on the ATO website and choose which option is suitable for your circumstances. 

Zoomo is not a tax or financial adviser, we recommend you seek professional advice from accredited service providers.

‍

Need Help Lodging Your Tax Return? 

Our partner TaxLeopard offers tax lodging service for self-employed individuals and help you reduce your tax! Zoomo riders enjoy a $30 discount by using the “ZoomoTax” discount code at checkout. Visit the TaxLeopard website here to learn more.

‍

*Disclaimer

The description of the tax savings in this blog is for illustration purposes only. It is not intended to be comprehensive or relied upon as legal, tax or other professional advice. You should seek specific advice tailored to your circumstances.