Home Forums Starting your journey Planning a portfolio career – advice needed Reply To: Planning a portfolio career – advice needed

#1224435
bengtan
Member
  • Total posts: 12

Hi [USER=117874]@Sue1604[/USER],

Sue1604, post: 271365, member: 117874 wrote:
Am I a sole trader as a tutor for children, and a separate sole trader as a writer, and as an academic?

By default (ie. if you don’t explicitly set up a structure like a company or whatever), anything you do is ‘part of you’ as a sole trader. For example, when you file tax returns to the ATO, you report (the income from) all of those activities as part of your personal income, and they are taxed at personal income tax rates.

Internally, whether you want to maintain separate books/bank-accounts/records for each, or combine them all together, it’s up to you.

Sue1604, post: 271365, member: 117874 wrote:
With many different revenue streams (hopefully!), do I need a different abn for each?

I believe you don’t need to have separate ABNs, but others may correct me.

Sue1604, post: 271365, member: 117874 wrote:
Does income need to be in separate bank accounts for different sources of income?

AFAIK, this is also optional

Hope this helps!