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  • #990600
    X-Marketer
    Member
    • Total posts: 1
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    Hi All,

    First time post, but loving the info on this site!

    For the last 4 months i’ve grossed $15,000 US per month into my paypal account.

    I take out my expenses that is required to generate that income. This includes traffic, software etc….

    Then I withdraw a wage each week.

    Which works out about $10,000 – $12,000 AUS per month.

    Do i declare the $10k – $12k AUS as personal income, or is it better to open a business name.

    I have no idea what I am meant to do in regards to declaring this money

    Regards
    X

    #1177804
    LucasArthur
    Participant
    • Total posts: 3,171
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    Speak to your accountant for more tailored advice, most here will be gracious and provide input although your personal circumstances are best left to your personal accountant/advisor to ensure the advice best equips you for whatever eventuates.

    Although i read this as a little of a ‘bait’ post, i opted to take it on face value ;)

    Cheers
    Jason

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
    #1177805
    Dave Gillen – Former FS Concierge
    Keymaster
    • Total posts: 2,566
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    Hi X,

    Hopefully someone will drop by with the technical details you’re seeking. In the meantime, welcome aboard the forums!

    Dave

    #1177806
    Taylored
    Member
    • Total posts: 44
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    Hi X,
    I am guessing you are a sole trader.

    Revenue – Expenses = Income to be declared. It doesnt matter whether you take it out or not, it is still classed as income to you. A sole trader does not have wages, they have drawings instead which is just cash they took out of the account. A business name changes nothing, you will still be a sole trader. There are basically 4 options with a dozen variations for a business structure – Sole Trader, Partnership, Trust or Company. Each have advantages and disadvantages

    If you are taking that sort of money, spend some on some decent advice and a bit of self education. Its not that hard and will save you thousands in the end.

    Cheers

    Taylored

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