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  1. #1
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    Default Home business / reporting to Centrelink

    Hi guys,

    Every time I have tried to call Centrelink over the last week, the phones have been busy

    I plan on seeing a tax agent in the next couple of weeks and she has mentioned she can help, but in the mean time...

    Does anyone know how you report your income to Centrelink when you have your own (small) business??

    I am hoping to set up a (vegan) baking business from home over the next couple of months, and am totally stumped on the Centrelink thing! I report income fortnightly as I recieve Parenting Payment Partnered & DH recieves Austudy. I won't be making much, basically just hoping for some pocket money.

    Any general advice ??

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    You'll have to talk to Centrelink. Some people are on quarterly reporting but others that are completely self employed are only reporting once a year when the tax is done.

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    blissfulfairy  (30-05-2016)

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    You do need to talk to them. Unfortunately it is all more complicated than it needs to be as Centrelink don't allow you to consider certain items as deductible. I used to have a spreadsheet with one tab for BAS and another just for Centrelink. Don't worry, it is all doable, just make sure you get the specifics off them directly.

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    blissfulfairy  (30-05-2016)

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    They ask you to lodge Profit and Loss statement every quarter. I think you can download the form from their website

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    blissfulfairy  (30-05-2016)

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    The government has an incentive scheme for new business.
    https://www.employment.gov.au/self-e...ve-scheme-neis

    My hubby did it. You get basic allowance ($500 - $600 a fortnight) for a year and don't need to declare income as you would if you were studying or on other allowances. My hubby did it 2 years ago. We had to provide a profit and loss statement every 3 months and there was a monthly meetup with a mentor (really is was just someone overseeing your file - not someone with business experience).

    The local company that ran it (it is independent of centrelink) use to get local accountants, marketers etc to give short 2 hour seminars and help you through things like BAS or online marketing etc.

    Maybe that is something you might be interested in?


 

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