So... I think I made a mistake. I started a business and gave FAO an estimate which excluded what I estimated that my business start up/running costs might be.
Now a friend has told me that FAO don't take your business running costs into account. Money coming in is money coming in... It doesn't matter that most of your takings go toward the business.
So it looks like I underestimated about $10k :O I already have a debt going back a couple of years too.
Also, with FTB A and B, do you have to report earnings fortnightly? I have just learned this also. I am partnered and thought I only had to give a yearly estimate. I've not yet done BAS or seen an accountant as my accountant won't get back to me. Busy time I guess. Probably should have been better prepared.
Im freaking out!!! Are there any accountants/FAO gurus who can help?