Melbourne, 23 July 2019: Deliveroo has partnered with an Australian fintech app, Solo & Smart, to make tax time easier for its 8,000 Aussie riders, through automatic tax savings and money management features.
Solo & Smart, a mobile app designed specifically for the self-employed in Australia, offers Deliveroo riders the ability to automatically save a percentage of their income to meet their tax obligations.
For self-employed Australians, managing cash-flow can be one of the biggest challenges they face. ABS statistics show that sole traders have the highest turnover rates of all businesses and consistently end up in debt to the Australian Tax Office.
Deliveroo and Solo & Smart are aiming to tackle tax debt by giving gig workers access to tools that will allow them to stay in front of the money owed to the tax office. It's a simple and structured 'set and forget' approach that gives workers peace of mind in knowing their savings are continually and automatically accumulating.
A key function of the Solo & Smart service is that it's transferrable regardless of where the user is earning their income. This means that users can save money for their tax and other expenses from multiple income streams all from within a single system. It's a partnership both Deliveroo and Solo & Smart hope will help Deliveroo riders better navigate some of the challenges commonly faced by sole-traders in the gig economy.
Key features of the Solo & Smart app include:
- Nominate a percentage of income to be saved automatically for tax, super or a rainy day.
- Streamline your money management and access automatic transfers.
- Generating invoices, quotes and capturing expenses.
- Powerful reporting on business income and expenses.
As another financial year has drawn to a close, many in the gig economy who have not fully recognised or understood their tax obligations and allocated the necessary funds to meet them, may find themselves owing money to the tax office. The Solo & Smart system provides a simple and consistent method for allocating savings to meet those obligations on a daily and weekly basis.
Solo & Smart would like to see higher success rates for the self-employed and intend to play a part in the emergence of a more sustainable gig economy.
Patrick Harrison, Director of Solo & Smart, said: "This partnership is a great opportunity for self-employed riders in the gig economy to get ahead with better tax and financial management for their business."
"Being able to come up with the money to pay your tax or other major expenses is one of the biggest hurdle's individuals in business face. This partnership provides Deliveroo riders with tools that will support them in business, regardless of where they work, so they can make the most out of being self-employed."
"If they are struggling to find the money to pay their tax, this system will really help".
Joanne Woo, Head of Corporate Affairs, Deliveroo Australia said: "We partner with over 8,000 riders across Australia who are all self-employed independent contractors. They tell us that being their own boss is one of the biggest attractions to working with Deliveroo. Riders are at the heart of everything we do and that's why we're always looking for ways to support our riders as they go about running their own businesses."
"We know that tax time can be stressful for independent contractors, so we're delighted to be partnering with Solo & Smart to alleviate some of the pressure. Solo & Smart's tools make it a simpler and more seamless process for riders to put money aside throughout the year to pay taxes, contribute to superannuation, save for any rainy day expenses and remove the added burden of a large bill at the end of the financial year".
In Australia, Deliveroo has a network of over 8,000 riders and works with 11,000 of the country's best-loved restaurants across 13 cities - including Melbourne, Sydney, Adelaide, Brisbane, Gold Coast, Perth and Canberra - to bring great-tasting food straight to people's front doors.
Deliveroo is an award-winning delivery service founded in 2013 by William Shu and Greg Orlowski. Deliveroo works with over 80,000 best-loved restaurants, as well as 50,000 riders to provide the best food delivery experience in the world. Deliveroo is headquartered in London, with 2,500 employees in offices around the globe.
Deliveroo operates in over 500 towns and cities across 14 markets, including Australia, Belgium, France, Germany, Hong Kong, Italy, Ireland, Netherlands, Singapore, Spain, Taiwan, United Arab Emirates and the United Kingdom.
About Solo & Smart
Solo & Smart is a digital platform dedicated to improving money management for the self-employed. The app is designed to automate and systemise business administration for solo business owners, so they can focus on what they do best.
Founded in 2016 by Patrick Harrison, the Solo & Smart system has been developed through working with thousands of self-employed individuals across Australia and aims to bring much needed support for financial management to Australian micro businesses.
Giving users the ability to automatically save for their tax obligations and other financial commitments, Solo & Smart's set-and-forget nature relieves stress and gives workers the peace of mind that they're organised, on-track and in front of their finances.
Dexter Gillman, , 0439 393 196
Solo & Smart
Jackie Sinclair, , (02) 8456 4110