Tax Help - Australians Needed :)

[some rand]

Hey there,

I am 16 yo and was wondering how exactly the whole 'income tax' thing would work with IM.

IF i make over $6k in the financial year I would then obviously need to pay tax.

My question is this - Should I document all earnings I get?

If so how would I go about it? If I am getting paid via paypal how am I going to prove it all (screenshots?)

I am using CL/CPA at the moment and would like some advice.

Thank You
Matt.

 

[gooser898]

Yeah i am in serious need of some help in this area. I think i better just go to an accountant.

 

[some rand]

Yeah, that would be a smarter idea.

Then again there is no real reason anyone would find out that you're making this money.....unless you have given your tax file number out. Which is unlikely.

Hmm, I do not think I would be too comfortable with this, since I will not be keeping funds in Paypal, it would go to my bank account, so Im guessing my bank would start asking questions as to how I am pulling this money in?

 

[some rand]

Yeah i am in serious need of some help in this area. I think i better just go to an accountant.

I do year 11 accounting, my teacher WAS an accountant, LOL. I could always go to him and ask him what to do. Obviously I would talk in hypothetical's

 

[some rand]

Yes, you do raise a valid point with comparing it to ebay. I just do not know if banks start questioning people for stuff like this, but I doubt they would since they would not know what kind of work I do. Even if they found out, don't I have a right to keep that to myself?