1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

fellow Aussie needs help!

Discussion in 'Business & Tax Advice' started by wantdacronic, May 29, 2011.

  1. wantdacronic

    wantdacronic Newbie

    Joined:
    May 29, 2011
    Messages:
    16
    Likes Received:
    1
    Okay guys, I used to do online money making years ago.. Im unemployed and want to get back into it ...

    I have big dreams. Im currently on the dole. Is money making online all tax free? whats the go? do i need a ABN? all my payments are coming through paypal atm... and linked up to my bank account.. My welfare payments are also coming through my bank . There getting sus and ill be getting taken off there payments...

    Whats the proper way? Do i need to do tax with all this online money making?

    Im posting from australia so its a bit different from the guys in the US so any fellow aussies care to share some info?
     
  2. facebookdude

    facebookdude Elite Member

    Joined:
    Feb 28, 2010
    Messages:
    1,506
    Likes Received:
    2,489
    Hey man! I'm from NZ. I have talked with a lot of big accountants and they all pretty much say it's really hard for the govt to track money coming in from your PayPal. If you were in the U.S this would be a different story.

    The fact that you're on the dole too changes things though, because you are taking money and earning money at the same time. A lot of people do under the table jobs while on the dole but they never put it in their bank account.

    My advice would be to stay on the dole until you get your online shit going then as soon as you can get off that shit.
     
  3. cornkernel

    cornkernel Regular Member

    Joined:
    Sep 2, 2010
    Messages:
    443
    Likes Received:
    115
    Location:
    Australia
    if 'they' find out, you'll get screwed not only by centrelink, and have to pay them back, but you'll get screwed for tax evasion as well.

    so do it properly. ring centrelink and ask them. you might have to report your earnings fortnightly.

    don't get yourself into any unnecessary shit!
     
  4. cornkernel

    cornkernel Regular Member

    Joined:
    Sep 2, 2010
    Messages:
    443
    Likes Received:
    115
    Location:
    Australia
    yeah but his bank account is connected to it. he's going to want to get it out of his bank account eventually. what's he going to do? leave it in paypal forever?

    it's just better to tell the truth. if you are making enough money to live on, then stop scamming the government.

    (not saying the OP is doing that, but it's going to end up that way if you ARE earning money, and still claiming centrelink)
     
  5. Rulx27

    Rulx27 Newbie

    Joined:
    May 29, 2011
    Messages:
    1
    Likes Received:
    0
    Any money you make while in Australia is to be taxed no matter where it comes from. I'm not a 100% sure of that but that is what i was told when i first started sussing out online moneymaking .
     
  6. cornkernel

    cornkernel Regular Member

    Joined:
    Sep 2, 2010
    Messages:
    443
    Likes Received:
    115
    Location:
    Australia
    as far as i know, that is true. i looked into this a while ago, and that was my understanding.

    even if you go to another country but are still a citizen of australia (or 'resident') you still must pay tax on ANY income.
     
  7. wantdacronic

    wantdacronic Newbie

    Joined:
    May 29, 2011
    Messages:
    16
    Likes Received:
    1
    So looks like making money in australia isnt as easy as it seems.
    My clink payments would be hard to give up, im on $350 a week... And i dont even pay rent... Hopefully I get onto a good niche and get more than this...
     
  8. facebookdude

    facebookdude Elite Member

    Joined:
    Feb 28, 2010
    Messages:
    1,506
    Likes Received:
    2,489
    The govt CANNOT look in your bank account.
     
  9. facebookdude

    facebookdude Elite Member

    Joined:
    Feb 28, 2010
    Messages:
    1,506
    Likes Received:
    2,489
    Bro, don't worry too much. How are they going to find out you're making this money? As I just said no one has access to your bank account except you. New Zealand and Australia are wayyy behind U.S and have not clicked that people are making money online. It is really hard for them to track this shit. Only way I can think of is if you were flashing your money around, living in a big house while still on the dole lol.

    Honestly just chill, nothing will come of it. Just don't get too greedy, get off the dole asap.
     
  10. xu123

    xu123 Junior Member

    Joined:
    Apr 16, 2007
    Messages:
    186
    Likes Received:
    44
    Hey I'm an Aussie....would like to know how many aussies are on BHW?

    BTW...At the end of the day it's up to you whether you declare any extra income or not, you have weigh up the risks.