Re: Paying tax after getting an ABN -- Cox Business Accountants

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Date Posted: Monday, November 28, 03:29:04pm
Author: Bree
Subject: Re: Paying tax after getting an ABN
In reply to: Willing worker 's message, "Paying tax after getting an ABN" on Monday, November 28, 08:24:33am

Hi Willing Worker,

I am assuming that the income that you have earned from home is going to be classified as business income (given that you are applying for an ABN). Although if this income is more hobby income then there is a form that you can get from the tax office which you can give to people who hire you instead of an invoice with an ABN.

As you have already done the work my suggestion to you is that you keep a percentage of that income that you received for doing the work at home aside for when tax time comes around. The percentage that you keep aside will depend on you how much other income that you earn during the year - this will determine what rate you pay tax at. I would suggest keeping aside about 30% of the money that you earn at home.

Another option is to call the tax office and have a voluntary payments book sent out to you. This voluntary payments book allows you to make periodic payments of money to the tax office which will be held to use at the end of the financial year when you do your tax return.

To apply for an ABN the website is www.abr.gov.au

If you have any further queries on the above please do not hesitate to contact me - my email address is bree@coxbiz.com.au

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