MCF kaki UBERers/GRABCARers

[uniquely_ad]

Oh, so commercial insurance just need to inform? No restrictions on overseas usage & share car with family? AFAIK comprehensive don't need to inform. I conversed with a grabcar driver he paid additional $100 on insurance to be able to use the vehicle overseas, he rented a 2015 Altis for $70/day.

 

If its rental you need to inform your rental company about your additional drivers cause if rental usually its only covered for the driver only who rents it, but if its your own car then its different you need to inform your own insurance(no additional fee) 

[Tweeny]

Anyone rent car for grab service?

[Yysiong]

Oh, so commercial insurance just need to inform? No restrictions on overseas usage & share car with family? AFAIK comprehensive don't need to inform. I conversed with a grabcar driver he paid additional $100 on insurance to be able to use the vehicle overseas, he rented a 2015 Altis for $70/day.

$70 a day.... thats 2.1k a month..

[Char]

$70 a day.... thats 2.1k a month..

Ubor gtd you earn 5k per months that sound too good right ? Now calculate the cost 1) rental $2100 per month 2) fuel 3) parking 4) insurance 5) earn lesser when sick or leave 5)taxes 6) no CPF etc.....

After all above deducted and actual pay how much can bring home ah ?

Edited May 1, 2016 by Char

[Yysiong]

Ubor gtd you earn 5k per months that sound too good right ? Now calculate the cost 1) rental $2100 per month 2) fuel 3) parking 4) insurance 5) earn lesser when sick or leave 5)taxes 6) no CPF etc.....

After all above deducted and actual pay how much can bring home ah ?

The altis $70 a day is a rip off...

[Jfkoh]

Ubor gtd you earn 5k per months that sound too good right ? Now calculate the cost 1) rental $2100 per month 2) fuel 3) parking 4) insurance 5) earn lesser when sick or leave 5)taxes 6) no CPF etc.....

After all above deducted and actual pay how much can bring home ah ?

Actually people tend to forget even after deduct expense say able to take home 2k to 3k is quite a good figure. Cos you still get to own a car for free.

 

Or consider you take home 4k, buying a car with installment,fuel,insurance, rd tax, maintainence.. how much are you left with? Maybe also 2k to 3k?

 

And i dont think most people can easily get a take home pay of 4k. That will be 5k salary before cpf

[SG_Stig]

The altis $70 a day is a rip off...

$70/day is the norm alr. Even vios need $420/week so do the calculation. If you can find altis for a lower price pls let me know!

[Invigorated]

Ubor gtd you earn 5k per months that sound too good right ? Now calculate the cost 1) rental $2100 per month 2) fuel 3) parking 4) insurance 5) earn lesser when sick or leave 5)taxes 6) no CPF etc.....

After all above deducted and actual pay how much can bring home ah ?

Gtd 5k is before uber comms of 20% that they will deduct from you.

 

Assuming 5k minus 1k comms, 4k left.

If you rent a car for 65 a month, that's about 1900.

 

That's 2100 left. Minus say 40 bucks petrol a day, that's about 1100 after disc?

 

So left 1000. Haven't minus cashcard to enter erp zones before pick up, insurance excess of 2k (touch wood).

 

Not forgetting income tax (based on 4k*12 months~500 odd) and compulsory medisave contributions for self employed (~3800 for a year).

 

So final monthly left with 1000-300-50=650?

 

This doesn't include season parking and other parking expenses. After deducting all that, about 500?

 

I guess one can't really just rely on 5k uber gtd income. Really have to maybe drive like 12h to get a more realistic nett 2-3k a month. But is it worth it?

[Kusje]

Gtd 5k is before uber comms of 20% that they will deduct from you.

 

Assuming 5k minus 1k comms, 4k left.

If you rent a car for 65 a month, that's about 1900.

 

That's 2100 left. Minus say 40 bucks petrol a day, that's about 1100 after disc?

 

So left 1000. Haven't minus cashcard to enter erp zones before pick up, insurance excess of 2k (touch wood).

 

Not forgetting income tax (based on 4k*12 months~500 odd) and compulsory medisave contributions for self employed (~3800 for a year).

 

So final monthly left with 1000-300-50=650?

 

This doesn't include season parking and other parking expenses. After deducting all that, about 500?

 

I guess one can't really just rely on 5k uber gtd income. Really have to maybe drive like 12h to get a more realistic nett 2-3k a month. But is it worth it?

 

I don't doubt that the 5k guarantee is for people that fail pri school math but why do you say they have to pay income tax as well?!

 

Income tax is only calculated based on your income which you counted as 650 but should be around 700 since you wrongly subtracted income tax. At 700 per month, no need to pay income tax la. You will be under financial aid scheme instead.

[Invigorated]

I don't doubt that the 5k guarantee is for people that fail pri school math but why do you say they have to pay income tax as well?!

 

Income tax is only calculated based on your income which you counted as 650 but should be around 700 since you wrongly subtracted income tax. At 700 per month, no need to pay income tax la. You will be under financial aid scheme instead.

"From IRAS :

Uber/Grabcar drivers will not be allowed deduction on their motor car operating expenses since they are not in the business of hiring out cars. Thus, the private hire car expenses and hiring charges incurred by Uber/Grabcar drivers are not tax-deductible. Any expenses incurred directly or in the form of reimbursement on using private hire cars (rental cars) or private cars such as depreciation, repair, maintenance, parking fees, petrol costs are disallowable."

 

Quoted from uberpeople forum. You may check with iras on this too, taxes will be based on 4k and not after any deductions. This follows for the medisave contributions too.

 

Driving a taxi with the ability to pick up seems more reasonable for now, especially when more new drivers jump into the fray and supply to each driver will be further cut.

 

Many drivers are already reporting fewer pings. Driving full time with rental car just isn't very much rational for now, maybe part time with own car still workable.

Edited May 2, 2016 by Invigorated

[EricChan]

Workable if there are 2 or 3 ppl family members staying together who are needing a car. Get one from uber , pay for it by taking turns to driving it off work hours.

"From IRAS :
Uber/Grabcar drivers will not be allowed deduction on their motor car operating expenses since they are not in the business of hiring out cars. Thus, the private hire car expenses and hiring charges incurred by Uber/Grabcar drivers are not tax-deductible. Any expenses incurred directly or in the form of reimbursement on using private hire cars (rental cars) or private cars such as depreciation, repair, maintenance, parking fees, petrol costs are disallowable."

Quoted from uberpeople forum. You may check with iras on this too, taxes will be based on 4k and not after any deductions. This follows for the medisave contributions too.

Driving a taxi with the ability to pick up seems more reasonable for now, especially when more new drivers jump into the fray and supply to each driver will be further cut.

Many drivers are already reporting fewer pings. Driving full time with rental car just isn't very much rational for now, maybe part time with own car still workable.

 

[Matrix0405]

Is Uber buying so many new cars (1800) or many people are making of their financing scheme to own a car? Is their $5K/mt & $30/h as real as the Vezel's 20km/l claim? 

 

[Invigorated]

Workable if there are 2 or 3 ppl family members staying together who are needing a car. Get one from uber , pay for it by taking turns to driving it off work hours.

That is true too. If one has already has a car and doesn't have to pay for rental, then uber is more workable too cos it is already sunk cost, just have to pay more for commercial insurance and vehicle maintenance.

[Kusje]

"From IRAS :

Uber/Grabcar drivers will not be allowed deduction on their motor car operating expenses since they are not in the business of hiring out cars. Thus, the private hire car expenses and hiring charges incurred by Uber/Grabcar drivers are not tax-deductible. Any expenses incurred directly or in the form of reimbursement on using private hire cars (rental cars) or private cars such as depreciation, repair, maintenance, parking fees, petrol costs are disallowable."

 

Quoted from uberpeople forum. You may check with iras on this too, taxes will be based on 4k and not after any deductions. This follows for the medisave contributions too.

 

Driving a taxi with the ability to pick up seems more reasonable for now, especially when more new drivers jump into the fray and supply to each driver will be further cut.

 

Many drivers are already reporting fewer pings. Driving full time with rental car just isn't very much rational for now, maybe part time with own car still workable.

 

I won't check with IRAS directly as I have no intention of being an uber driver but this policy just seems wrong.... If uber drivers are not in the business of "hiring out cars" then what are they doing? Aren't they doing the exact same thing as taxi drivers? Do taxi drivers deduct the taxi rental?

 

The iras wording might apply to those part time uber drivers but certainly not full time ones.

[Char]

This Ubor only satisfied those want to own car but can't afford so that they can rent from Ubor . Ubor only work best for those property and insurance agents which already own car as when free time they can drive to earn to cover their car cost . Many types of people in this world lo ....

[Invigorated]

I won't check with IRAS directly as I have no intention of being an uber driver but this policy just seems wrong.... If uber drivers are not in the business of "hiring out cars" then what are they doing? Aren't they doing the exact same thing as taxi drivers? Do taxi drivers deduct the taxi rental?

 

The iras wording might apply to those part time uber drivers but certainly not full time ones.

This was quoted from an email from lta after a driver sent in an email to query. Do check the uberpeople forum. Not sure if it's ok to paste the link here. As of now, private limo services are not treated the same as taxis.

 

'Hiring our cars' refers to the car rental companies like lion city rental, hertz etc. Not uber drivers.

[ki_chiu]

Heard from friends that Lta will regulate the age of cars use for uber and grab, gonna make it like taxi. car age not to exceed 7 years old. some sort of vocational license and even for tvdl holders, need to attend a couple of hours of refresher course or something like that.

[Char]

No matter what they must match the taxi regulation la .... Otherwise the noise will be only louder .