Home – New Forums Money matters Working 2 Jobs Reply To: Working 2 Jobs

#1042151
Anonymous
Guest
  • Total posts: 11,464
Up
0
::

ALWAYS use an accountant to check specifics…
this is very lamens terms and very general
ALWAYS use an accountant to check specifics

are you, or will you be operating as a sole-trader?
by your post i am presuming so.

a) are your products a GST item?
b) best way to think of GST is “its not your money” best analogy for this might be a debt collector. GST is money you collect for (or on behalf of ) the government.
c) find out if a home office is really worth claiming or allowed (example taxi drivers are not allowed to claim home office due to their business being conducted in a vehicle).
d) minus cost of products from your sale price to get your income, add this to your main gross income and then work out the tax rate.

ALWAYS use an accountant to check specifics

hope this may help you a little bit