If i work as a freelance using my ABN, do i need to do anything about tax?
Jul 26th 2006, 11:59 pm
#1
Forum Regular
Thread Starter
Joined: Apr 2005
Location: Melbourne, Australia
Posts: 77
If i work as a freelance using my ABN, do i need to do anything about tax?
hi, it's end of financial year and i wonder about my work. I've worked as a freelance and give my client invoices with my ABN number. Im new here, don't really know much about the rules and law. Do I need to do anything about tax? do I need to lodge any applications or documents? or there's nothing I have to do and just keep working? 
thanks
thanks
Jul 27th 2006, 1:08 am
#2
A Male Member
Joined: Apr 2003
Location: Townsville
Posts: 2,106
Re: If i work as a freelance using my ABN, do i need to do anything about tax?
I would go see an accountant. Its not too expensive, about $100 for them to do a tax return, and they generally get more money back than you would have done had you filled it in yourself.
If you do go the DIY route, you need to grab a taxpack (from the post office if you're in SA - not sure about other states), and from there on its its just like a return in the UK.
The fact that you are running a business changes little unless you earn over 50k, and/or use GST.
If you do go the DIY route, you need to grab a taxpack (from the post office if you're in SA - not sure about other states), and from there on its its just like a return in the UK.
The fact that you are running a business changes little unless you earn over 50k, and/or use GST.
Jul 27th 2006, 1:17 am
#3
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: If i work as a freelance using my ABN, do i need to do anything about tax?
You should complete a summary of your self employment income and allowable expenses and include these on the year end personal Tax Return.
I suggest that you might have a qualified accountant prepare and sign off on the accounts, particularly if you think they might be needed for the purpose of a finance/mortgage application in the future - accounts prepared and signed by a qualified accountant have more credibility than accounts prepared by the taxpayer him/her self.
It will cost more than $100 to prepare business accounts and the Tax Return, but the cost is tax deductible.
Feel able to contact me if you need an accountant's name and number.
Best regards.
I suggest that you might have a qualified accountant prepare and sign off on the accounts, particularly if you think they might be needed for the purpose of a finance/mortgage application in the future - accounts prepared and signed by a qualified accountant have more credibility than accounts prepared by the taxpayer him/her self.
It will cost more than $100 to prepare business accounts and the Tax Return, but the cost is tax deductible.
Feel able to contact me if you need an accountant's name and number.
Best regards.
