Side hustles have become popular in recent years, as people try to find new ways to increase their savings, rid themselves of debts and explore new interests while making a bit of extra cash. One of the most popular side hustles is driving for Uber and with good reason – it offers a great way of making money, you can be your own boss and it is flexible to work around your schedule.
Here are some of the key reasons why Uber is the perfect side hustle.
One of the main requirements of a side hustle is that it has to be flexible enough to work around your main job and other responsibilities, whether it’s earning a qualification, looking after your kids or time spent on your hobbies. Uber is one of the most flexible jobs you can get, as you can work as much or as little as you want, depending on the time you have spare.
Uber gives workers the opportunity to create their own schedule and it can vary depending on what life throws at you. Got a busy few weeks? You can limit your hours driving and increase them when you have more down time.
It Offers Excellent Earning Potential
While Uber provides standard pricing to its customers most of the time, when higher volume events are on, something called ‘surge pricing’ comes into play. If drivers can pick up rides with this pricing in place, there’s the opportunity to earn considerably more per hour.
If you’re lucky enough to work in a busy city or an area of the country where events like big concerts or festivals take place, this pricing could result in a lot of money over time.
There are Minimal Start-Up Costs
Apart from the necessary licenses that Uber requires its drivers to have in place to work for them, there are low start-up costs with this side hustle. For those trying to earn extra cash to boost their savings or pay for debts or a big occasion, not having to find cash up front is a real benefit.
Drivers don’t even need to own a car – there are companies that provide rental cars for Uber drivers, making the costs event lower and opening up this opportunity to more people than just car owners.
Benefit From Tax Deductions
If you decide to be a rideshare driver, you don’t have to worry about shouldering all expenses. Existing laws provide deductions or are tax-deductible for some of the major expenses you’ll incur. Uber tax deductions Australia laws are available for drivers, such as the following:
- Car Expenses: As a rideshare driver, you can deduct vehicle expenses from your taxes every year, including the car’s depreciation. You may also be eligible for instant asset write-off or temporary full expensing.
- Driving Expenses: Drivers may incur expenses while driving passengers to their intended destination. But they can claim daily-related cost tax deductions, such as toll and parking fees.
- Commercial Driver’s License: The cost associated with getting a commercial driver’s license is tax-deductible.
- Phone Expenses: Drivers could claim a tax deduction for the upfront cost of a smartphone and a monthly phone bill. The rule of the ‘business use’ portion applies. This would help calculate the business usage proportion for the handset purchase and the phone plan.
- Others: Drivers can claim tax deductions on licensing fees, commissions, service, and other related fees paid to the digital platform. Other associated expenses that drivers can deduct from their taxes include bank fees and fees for tax agents and accountants.
You’ll Meet New People Every Day
The downside of an office job is that you’re stuck in the same place with the same people every day. But driving for Uber gives you the chance to meet new people every day and visit new locations. Even if you’ve lived in your town or city for years, chances are that you’ll visit neighbourhoods you’ve never been to before.
This job allows you to drive through lovely scenery or bustling cities, chatting with interesting people and learning something new every day that makes each work day exciting. It’s inevitable that you’ll hear great stories from the interesting people you’ll meet during your work hours, so you won’t get bored.