I’ve recently obtained an ABN and started working as a freelance Graphic Designer. Yet all of my work at the moment is online, so I take payments though PayPal.
How do I track my income here? Do I print out PayPal invoices and then when tax time comes I add it all up and add it to my personal income?
A lot of my clients aren’t from Australia either, so does this impact anything as when I see the payment information from PayPal, it’s in USD or Euro’s…
This is my first year, so I don’t pay quarterly. In all honesty I don’t expect to make more than the tax-free threshold but i’m still confused with how to track the income to declare at the end of the financial year.