Solo & Smart is a mobile app designed specifically for the self-employed in Australia and Deliveroo says it will offer riders the ability to automatically achieve the savings and make tax times easier to achieve the savings.
Announcing the deal on Tuesday, Deliveroo says that, for self-employed Australians, managing cash-flow can be one of the biggest challenges they face, with ABS statistics showing 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 say they 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, noting that 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.
“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,” the companies say.
Key features of the Solo & Smart app outlined by Deliveroo 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.
According to Deliveroo, 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,” Deliveroo says.
“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.”
“We partner with over 8000 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,” said Joanne Woo, head of Corporate Affairs, Deliveroo Australia.
“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.”