/ 0
60%
Table of contents

Document in text mode:

Essential Tax Information for Taxi Drivers: Reporting your income Income is assessed on a preceding year basis. Your income earned last year should be declared in this year’s income tax return. In the income tax return, please report your income from: (1) taxi-driving, and (2) all other sources 4-line statement or 2-line statement • You should report your revenue from taxi-driving using the 4-line statement when your revenue is more than $200,000 (more than $100,000 for Year of Assessment 2020 and before) as follows: (1) Revenue: Gross passenger fees and any rental received from relief driver(s) (2) Gross Profit/Loss: Same as Revenue (3) Allowable Business Expenses: Business expenses incurred to earn the driving income (4) Adjusted Profit/Loss: Revenue less Allowable Business Expenses • You should report your revenue from taxi-driving using the 2-line statement i.e. Revenue and Adjusted Profit/Loss when your revenue is $200,000 or less ($100,000 or less for Year of Assessment 2020 and ...