Paying Tax On Your Online Business

8 replies
What is the deal with paying take on money you earn online. I am setting up a product creation business, and Live in Australia. The rules are if you make over $6000 a year you get taxed a percent, what is the rules with if you are getting regular payments via paypal do you apply?
brendan
#business #online #paying #tax
  • Profile picture of the author corsleymaxwell
    Make sure that your bank authorizes ACH withdrawals from your account before using this service. A rejected ACH withdrawal could result in additional fees.
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  • Profile picture of the author spearce000
    I think this something you should talk to an accountant about. If you don't already have one, do a search in google to find one near you, or look in the phone book.
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  • Profile picture of the author samstephens
    The "over $6000 rule" is just normal income tax - make an income, you pay tax on it.

    The ATO will actually send someone out to chat with you for free about setting up your tax properly.

    Or like Spearce said, it'd also be worth chatting to an accountant, especially if you haven't run a business before.

    Also, Fair Trading have a lot of good info too, and they're generally pretty helpful - you could visit your local office and grab a handful of pamphlets - might be worth a browse before you talk to the accountant and/or the ATO bloke.

    cheers
    Sam
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  • Profile picture of the author tobyR
    absolutely agree talk to an accountant - seek proper expert advice
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    • Profile picture of the author brendan9971
      Okay, thanks for all the help i will discuss this with a accountant...
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  • Profile picture of the author heathwaive
    I'm not to sure on this.. I like the accountant advice. No one want tax evasion charges
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  • Profile picture of the author Nickolie0990
    I would seek advice from a professional.
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  • Profile picture of the author BloggingPro
    I see these threads on here a lot and the answers are always the same.

    Seek out professional advice. Simply pick up the phone and call a tax preparation place locally. This is what I did and they were happy to answer my questions without charging a fee. Even if they did I would rather pay that fee than owe taxes and fines (for what have you) to Uncle Sam.
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