Quote:
Originally posted by Living For Today
thanks for the reply. what source documents do i need to keep? do i just need to keep my bank statements for the year? im glad its only 17%. being a business student i really should know these things but i didnt have a clue what rate it was. looks like i better stop spending all my money :D
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basically set up a high interest account and deposit 17% of ALL your income over $6000 into it, keep your statements.. at the end of the year pocket the interest and pay the tax. be aware that the next bracket comes in at $20000.. so if you earn $25,000.. and all the stuff over $6000 is your own business NOT an employer paying you money.. then deposit 17% of all money you earn between $6000 and $20000 and 30% of all money you earn over $20000.. or
.17 x 14000 = 2380
.30 x 5000 = 1500
so you should have $3880 deposited in your account at the end of the year and maybe a few ten dollar notes in interest that will almost pay for the accountant to fill in all the forms for you..