Do Ausies oay taxes ?
 

:)

I added another step

1A get a good accountant and pay only as much as you legally have to.

My current accountant has always more than covered his bill with deductions that I have missed.

Former Prime Minister Paul Keating said "It is our duty as citizens to pay the least amount of tax possible"

Some advice here would be helpful. This is the first financial year I will be earning over the minimum whatever it is about 6000 I think. I work part time getting about $150 a week of which the tax is paid by my employer. I have earnt about $8000 so far this financial year and will probably end up earning about $12,000. Is it worth it to get an accountant? I really have no clue as to how to pay tax or how much etc. Could some more experienced webmaster help me out please?

If you are unsure get an accountant. I figure I'd rathe pay a few bucks to an accountant, than lotsa bucks in penalties and interest to the ATO

You can claim a lot of expenses related to earning your online income.

Oh and if you want to fill out lots of forms you can get a GST refund on your biz expenses as well.

there has to be some helpful aussies around!

thanks for the reply. i have been thinking about just setting up my own business. i figure it cant cost to much to setup and if i have an accountant then they can look after it.

you needn't bother with an accountant on that sort of salary.. unless it's a quick cheap $50-at-tax-time one.. all you should really do is make sure you don't spend 17% of the money you earn over $6000 and pay $50 at one of those personal accounting firms end of financial year.. you could of course get your parents to help you out though.. get their accountant to help you.. you really only need a good accountant if you're earning a decent amount thats not coming from a PAYE employer.. ie if you're making 30k - 40k a year from adult sites.. im making that figure up.. but im assuming that it's around that figure you start feeling the pinch of tax, and it's worthwhile to spend a lot more money on accountant fees and setting up things like trusts and whatnot. There is another tier higher up where if it's worthwhile forking out 10k in set up costs and accountant fees you can set up legal but untraceable offshore cash sources..

just saw your reply.. if you're setting up a small business then it can't hurt to see someone about setting it up.. hell the accountancy fee might be smaller than the dollar amount you'd put on you own time researching, finding and filling in all the forms.

I thought Aussies cut their money in half and sent one half to the tax man.

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

heheh the 10% - 15% of people earning over 60k do have to pay 47% the vast majority don't.. plus i don't mind paying that out of Pay As You Earn.. it gets paid by your employer, you don't send anything... it's when you're earning more then 60k a year and you do a job for $5k and then hand 2.3k over... THAT sucks :)
i don't mind the tax rates that much to be honest.. i just wish more of it was spent on health and education rather than tax breaks and infrastructure to multinational companies.. but at the same time it hasn't stopped me from minimising any tax i pay on income over the highest tax bracket :)

I also forgot to ask, can I claim any deductions?

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..

anything that costs you money to do business... your internet connection.. lease payments on hardware/car or interest on the lease payments, electricity, industry magazines/subscriptions, petrol, the percentage of floorspace in your home that is used for business off rent.... if you want to get into that then you will need an accountant.. they can help you immensly in this aspect.

Ok thanks very much for your help. I have been wanting to find this out for a while but kept putting off going to an accountant. Hopefully next year I will be at the stage where I am putting away 30% ;)

heheh anymore than that and you should look into setting up a trust so you can income split.. so if you've got a sibling or girlfriend or something you can pool your tax threshholds between you.. like my girlfriend earnt about 10k last financial year because she only started working right at the end of it.. so i got to put the parts of my income that were over 60k into her brackets - so say i put 10k into the trust i can say that it's "her" income and soak up the remaining 10k she's got in her tax bracket before it hits the 20k limit where you pay 30%..

so she earns $10, 000 and has to pay $680 tax on the $4000 she earnt over the $6000 tax free thresh hold.. i then designate a further $10000 to her name through the trust and instead of paying $4700 tax if i put it straight under my name i only pay $1700 by using the rest of her 6k to 20k bracket..
of course i can put up to 50k in her name before it uses up all the lower tax brackets.. thats when you find a sibling thats in a low paying job :)

that sounds cool. i have a sister who has no income. i thought about signing up with certain programs under her name before or getting paid through wire to her account. i didnt know you could legally do that though :)

i think signing up under her name would be fraudulent..why don't you get her to sign up herself? then there can't be that much of a problem with it..

Fucking taxes. Can't you just register some off-shore company and hoard the money there ?

I'm not from Australia, but when you guys go to the CPA, do you show your accountant all your sponsor check stubs ?! How do you let your accoutant know how much you've made from porn? I got a few 1099's from some sponsors, but not all of them...so how do I explain ALL of the income to my cpa without him/her realizing that my income is porn related?

I have a ton of check stubs from sponsors and some look really suspicious, for example checks from CEN come from : "Cyber Entertainment Network" and it sounds too "porn related". I am afraid my accountant might get suspicious and might realize I work in porn. Should I just add all of my pay check stubs beforehand and give my cpa the total amount that I have made? Or should I just attempt to do my own taxes... ( I just got TaxCut) even though I have no idea about how to go about doing that?

I know this seems very paranoid...but it's different for me because I'm a girl so I don't want my cpa to know it's porn related. (I think they might think of me weirdly if they knew...)

Anyone know a good cpa in Orange County that they are comfortable with?

What should I do????

There is no way I am going to tell an accountant I make porn sites. Surely providing bank statements for the financial year is enough?

Yes, but I worked for 6 months last yr (at a regular job) and I'm afraid that I might mix the adult and non-adult income together.
I guess I'll try it though. So am I correct in assuming that it's acceptable to provide copy of bank statments (insted of sponsor check stubs) to show proof of income to my cpa?

mate its not that hard ,get some real advice not hear say BS that you seem to belive . sometimes its funny with the lack of facts you people have . If your not going to watse my time ,Aussie guys fell free to ICQ me. Bake allways deal in the facts only.

who the fuck cares what you accountant thinks about you? so what if your accountant knows you do porn.. big deal.... if you really must.. just set up a new account seperate to your current one that deals with all your porn stuff... and skow them the deposits.. bleh..

I told my accountant that I did affiliate marketing on the internet.
It was enough info for him to correctly work out my tax return.

Funny thing is that my mum is good friends with my accountant and let him know without letting me know he knew.

So when I put up the camera as a legit deduction he went bugeyed. until I showed him a directory full of pics of a satellite dish that I had done a site for:Graucho

Bake >> even facts are open to interpretation

..............Figjam