Even though you might think that receiving an insurance payout or are claiming workers compensation is not an income, the ATO does regard it as such. These payments may impact your tax, but there are claims that you are entitled to make when you do declare these types of payouts. What do you need to know?
The internet has opened up so many avenues for earning an income. Drive on the weekends and book with Uber? Rent your tools through Toolmates? Your holiday house through HomeAway or AirB&B? Rent out your caravan through Campify? What should you know about this income stream when it comes to tax?
Most businesses don’t even think about paying taxes on crowdfunding – that is until they’re face to face with their tax agent. There should be no surprise that with the lifting of Australian restrictions in early 2018, crowdfunding is seen as a valid way to build an income. If you earn or receive any money through crowdfunding, it is deemed assessable income and should be stated on your tax return. So, what exactly do you need to know to get it right?
If you’re travelling, taking a working holiday or decide to stay, worldwide foreign income earned as an Australian resident (for tax purposes) is taxable and should be declared in your tax return. How does your foreign income impact your tax?
The way your business is set up will impact the tax you pay. Whether you are a sole trader, partnership, company or a trust you’ll need to know how it will impact the tax you will need to pay and just how much you can claim come tax time.
Receiving interest is deemed income, as you are the recipient and beneficiary of payments. There are many forms of interest you may receive, some of which are commonly overlooked by many people. Part 3 of our series looks at earning interest as an income and how that impacts the tax you pay.