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Aussies need advice with tax

Discussion in 'Business & Tax Advice' started by gooser898, Jul 31, 2008.

  1. gooser898

    gooser898 Regular Member

    Apr 6, 2008
    Likes Received:
    Not Much
    Newcastle, Australia
    hey people,
    im 19 and i am earning a couple of dollars online by various means. i currently get paid via paypal and usually use the money to buy things online off ebay etc. i have the ability to paid by check but how do i go about paying tax on what i earn. i don't want to be depositing checks and the GOV wondering where i am getting the money. Then having to pay back all this money as a consequence.

    what im trying to say is what do other aussies do with tax on their online income?

    i appreciate any help here, thanks guys
  2. Madeezy

    Madeezy Registered Member

    Mar 29, 2008
    Likes Received:
    You have two choices....well more but it gets complicated

    1. Go totally legit set up a asn and operate under a reg business name and declare your earnings AND expenses. Make sure you claim all you can!


    Continue as you are but just keep things ie $$'s moving into your PayPal and keep them there and spend from paypal as your money grows.

    Problem starts to arrive when you start making good money and you get paid via chq, you then need to place that into your Back Account. Once you start doing that your better off going legit (If your using a Aussie Bank Account that is)

    The next thing to look at is A bank account NOT IN Australia and have your money get paid into that one. Its nice I assure you :)
  3. Essential Clix

    Essential Clix Executive VIP Premium Member

    Jul 30, 2007
    Likes Received:
    moving this to the business and tax advice section
  4. sugarwillis

    sugarwillis BANNED BANNED

    Apr 29, 2008
    Likes Received:
    I personally am in the same boat with my clickbank earnings....

    Ive been banking checks solidly for around 3 months now and things are starting to get out of hand...... Im a shocker when it comes to motivating myself to sort out my tax issues..

    Is there any online marketers here on BHW that i could possibly speak to regards to how they have structured there online business ?

    I do have a couple business names that are set up as a sole trader (that are used for offline bizz), but should i be setting up a company umbrella ?

    Ive also heard snippets here and there from people who talk of taking there business off sure & then accessing there funds using MAESTRO (the global eftpos network)

    Id even appreciate if anyone here in aus can recommend a mob to use in aus for tax minimization for online income.

    Thanks in advance people
    Last edited: Aug 12, 2008
  5. AgentZero

    AgentZero Jr. VIP Jr. VIP Premium Member

    Jul 10, 2008
    Likes Received:
    Self Employed
    Playboy Mansion
    Yeah its a interesting concept tax and earning money online. Someone should really make a ebook about it. If you are using a non-us paypal account which doesn't require tax information and are just using your earnings from your paypal account and purchasing things online with it, i cant see why you should pay tax.