After some advice I'm wanting to start back up doing some spray tanning from home after previously working as a state manager and salon trainer for many years for the company that manufacturers the products so a great way to earn a little bit of money without it taking up much of my time as a busy mum!
I'm a sahm and have been for 5 years so have earned no income in that time. Currently receive ftb a and b ( dh works) so in layman's terms what are my responsibilities for any income earned? Just seeing if its going to worth any headaches!
Max I'd be earning per week is say $50 and some weeks $0 would just be extra cash here and there.... And pretty much friends / family so just pocket money really, how do I claim this with Centrelink when i have no idea of earnings other than will be say max $5,000 p.a and likely nowhere near that?
I'm also making sure theres no need to lodge a tax return as obviously won't have any tax witheld and under tax free threshold of $18,000 or that an abn wont be required? How do I show proof of income for any of this?
Sorry if confusing I'm out of the loop with this stuff a bit!
Any sahms in a simiar position? Any advice....government websites are confusing!
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30-12-2015 05:26 #1
Centrelink and small home business
Last edited by SoThisIsLove; 30-12-2015 at 07:11.
30-12-2015 07:16 #2
Hi OP I also run a business from home and I log my income with Centerlink this can be done online. I log $5000 per year & this can be changed during the year if it changes, and if you don't earn that much over the year you get a refund at tax time. Hope that helps
30-12-2015 08:52 #3Senior Member
- Join Date
- Sep 2009
First thing is to work out if you qualify as a business. Talk to the ATO for that. If you qualify as a business (which I doubt) then you will have to do quarterly BAS reports and this will go on your tax return and get given to Centrelink.
Once you know if you are a business is suggest talking to Centrelink, most likely they will be happy if you just lodge a tax return at the end of the year. From that they will work out if you have to repay and FTB.
30-12-2015 10:12 #4Member
- Join Date
- Dec 2015
You only need to lodge BAS statements if you earn over $50K
30-12-2015 10:34 #5
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30-12-2015 10:34 #6
30-12-2015 10:41 #7
you only need to lodge a BAS if you're GST registered (or are employing and are registered for PAYGW). there is no requirement to register for GST/BAS reporting until your turnover (sales revenue) reaches $75k
you should also review the ATO's guidance on business versus a hobby.
30-12-2015 10:44 #8
30-12-2015 10:45 #9
30-12-2015 10:48 #10
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