So I was told by CL that I now have to declare my extra income and also needed to make a credit/debit list of all my expenses and errrrr "profits" lol.
I did like the compliment that my items look professional made
Anyway, back to topic now I will be searching for a new accountant for sure!
Ok I worked 1 night week earned $63 didn't pay any tax on it under the tax free threshold do I have to lodge tax return to get my ftb suppliment
When you find a new accountant I'd get them to look at you past returns as it may be worth getting them redone. My dad had to do this a few years back instead of owing about 10k he got a refund of almost 5k.
be careful jugamoe. When I was a student I was earning under $100 a week, so was tax exempt. I didn't have tax taken out of my CL either, and when the two combined they JUST went over the tax free threshold (this was in 2001 - I earned $13000 for the year - threshold was $12000 from memory), so ended up with a tax debt! Just because you're below the threshold while receiving pay, doesn't mean you will be when all taxable incomes combine. Perhaps contact the ATO for a discussion.
To the pp who said you can make $50k on avon etc and not declare to ato - I would bet my first born that is wrong. If you have that level of turnover, it's not a hobby.
I think the $50k is the old threshold to collect and pay gst, not income tax.
links re business versus hobby:
I also heard on the radio the other day that both the Dept of Human Services and ATO are requesting from ebay the details of sellers with sales of more than $20k pa (so targeting welfare and tax fraud):
Last edited by MsMummy; 17-06-2012 at 10:45.
We're not doing tax returns this year until we pay off last years, so nothing.
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