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Tax Help - Australians Needed :)

Discussion in 'Business & Tax Advice' started by some rand, Jul 8, 2009.

  1. some rand

    some rand Junior Member

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    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.
     
  2. gooser898

    gooser898 Regular Member

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

    some rand Junior Member

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    Yeah, that would be a smarter idea.

    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?
     
  4. some rand

    some rand Junior Member

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    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 :)
     
  5. some rand

    some rand Junior Member

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    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?