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Hi everyone, Just wondering if someone can point me to someone who is from Sydney Australia. I just wanted to know how tax works once we make income , thanks
In Australia the 'Tax free threshold' is now $18,200 per year before you have to start paying tax.
Pretty much what jbstaben said.
Any money you earn is 'supposed' to be declared as income. In Oz you can earn up to $5000 (I think! it may have actually increased) a year that is not taxed.
After that you pay a certain % tax on every $ earnt.
You can also claim deductables, that is any thing that you have paid for to earn said income is subtracted from your total earnings. For eg if you are running an online business you can deduct your WA membership, the cost of your computer, printer etc and anything else involved with making money in your business.
Betst to speak to someone about it such as an acountant, or even speak to someone at your bank.
Hope this helps
Hi, I am an Aussie too. If you are talking about selling things online as a business then what ever money you make needs to be declared in your tax return (as income). You would then be required to pay the tax due for it. But you can also claim expenses too, like WA membership etc..
The grey area (for me) is, if you decide that this is a 'hobby' then you don't need to declare it coz its just a hobby. I asked my accountant how do I know if it's a business or a hobby? He said, "if it looks and smells like a business, then the ATO will treat it like a business, if it looks and smells like a hobby then you will 'probably' get away with that."
Hope this helps
Obviously you need to seek professional advice over my 'uneducated' opinions here ;-)
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How does tax work in sydney australia?
Hi everyone, Just wondering if someone can point me to someone who is from Sydney Australia. I just wanted to know how tax works once we make income , thanks
Hey Guys. I live in Australia and its coming up to tax time. I've just started with WA and have not generated an income so far. Can I claim WA membership fees? Do I need to register as a business with the ATO?
I normally do my own tax. Any advice would help. Thank you
Cheers Andrew
I wouldn't worry about it Andrew. The WA fees won't help you and might even get them to poking around your return .I would just not even worry with it.
In Australia the 'Tax free threshold' is now $18,200 per year before you have to start paying tax.
Pretty much what jbstaben said.
Any money you earn is 'supposed' to be declared as income. In Oz you can earn up to $5000 (I think! it may have actually increased) a year that is not taxed.
After that you pay a certain % tax on every $ earnt.
You can also claim deductables, that is any thing that you have paid for to earn said income is subtracted from your total earnings. For eg if you are running an online business you can deduct your WA membership, the cost of your computer, printer etc and anything else involved with making money in your business.
Betst to speak to someone about it such as an acountant, or even speak to someone at your bank.
Hope this helps
Hi, I am an Aussie too. If you are talking about selling things online as a business then what ever money you make needs to be declared in your tax return (as income). You would then be required to pay the tax due for it. But you can also claim expenses too, like WA membership etc..
The grey area (for me) is, if you decide that this is a 'hobby' then you don't need to declare it coz its just a hobby. I asked my accountant how do I know if it's a business or a hobby? He said, "if it looks and smells like a business, then the ATO will treat it like a business, if it looks and smells like a hobby then you will 'probably' get away with that."
Hope this helps
Obviously you need to seek professional advice over my 'uneducated' opinions here ;-)
See more comments
Hey Guys. I live in Australia and its coming up to tax time. I've just started with WA and have not generated an income so far. Can I claim WA membership fees? Do I need to register as a business with the ATO?
I normally do my own tax. Any advice would help. Thank you
Cheers Andrew
I wouldn't worry about it Andrew. The WA fees won't help you and might even get them to poking around your return .I would just not even worry with it.