Tax and registered business questions.

by LimitlessTraffic 4 replies
Hey guys,

I'm earning quite a bit now and have been living on Clickbank's paycheck for the last few months.

I live in Australia and was wondering if this is considered as "Income".

Do I need to pay Tax for this and do I need to be a registered business.

Basically, I need help with being compliant with the law whether its with Tax or other business related stuff.

I surfed around Clickbank and didn't find much. I did a search on WF and coudn't find much on this either.

Oh, one more thing. I am planning to launch a product soon and was wondering if I need to upgrade my Paypal account to "Business" which again raises the question do I need to be a registered business..

Many Many Many thanks in advance.
#main internet marketing discussion forum #business #questions #registered #tax
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  • Profile picture of the author JohnnyG11k
    Ask a lawyer and an accountant. Don't do something by yourself, as you need specialized knowledge here. Also, find pros who know the Internet industry, eCommerce and Paypal stuff.

    Avoid talking with someone who never worked with freelancers or people making $ online/webmasters. This is the best advice I could give you.

    Hope it helps? Do you have any further questions?
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  • Profile picture of the author RetiredOldDude
    Originally Posted by LimitlessTraffic View Post

    Hey guys,

    I'm earning quite a bit now and have been living on Clickbank's paycheck for the last few months.

    I live in Australia and was wondering if this is considered as "Income".

    Do I need to pay Tax for this and do I need to be a registered business.

    Basically, I need help with being compliant with the law whether its with Tax or other business related stuff.

    I surfed around Clickbank and didn't find much. I did a search on WF and coudn't find much on this either.

    Oh, one more thing. I am planning to launch a product soon and was wondering if I need to upgrade my Paypal account to "Business" which again raises the question do I need to be a registered business..

    Many Many Many thanks in advance.
    1. Yes it is income
    2. Yes, tax is payable on it at your marginal tax rate.
    3. No, you do not need to be a registered business, but if the income is sufficiently high enough, then it would be better financially to set up a business entity.
    4. The answer to your Paypal account question is dependent on your expected income from your new product
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  • Profile picture of the author rondo
    It sounds like you're in business so I suggest you read the ATO website and register for an ABN.


    Andrew
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  • Profile picture of the author LimitlessTraffic
    Thanks guys, I'll definitely read the ATO and see what I need to do.

    When talking to an accountant, is there a specific type I need to look for. like obviously not a property accountant. Or just a normal tax paying accountant should know how online marketing income works.

    Well, lets say my product launches does 9 figures. I need to upgrade my paypal to business yeah?
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