I do youtube and next year, I'm planning to declare it as "other income" on top of my actual day job so I have a couple of questions...
1. Is it ok for me NOT to create a separate bank account for this and keep receiving the adsense income directly into my personal bank account?
and to be clear, I'm not after the benefits of having an ABN and a separate bank account, I just want to know if its legally ok. I just dont like the hassle of making one considering that I'm just having fun
2. If I declare this as an "other income" to the ATO, do I need to close my adsense account and make a new one because when I made the account, I chose "individual" instead of "business".
Would the ATO even see this foreign income as a small business?
The problem is that adsense will probably ask me for the name of the company which I dont have. This will lead me to make an ABN which I dont really need because as I said, this is just a hobby. Or is it ok to keep my adsense as "individual" because I receive the money directly to my bank account which has my full personal details instead of you know...the business details which I dont have.
3. Other than the records of purchases that I made when doing this hobby and obviously my personal details, what else do I need to have for this when the next tax season rolls around?
And before any of you say it, I know that I dont need to declare a hobby as an income. I'm just being careful in the eyes of the tax man and I genuinely dont mind the small amount of money that I'll lose for the peace of mind that I'll get knowing that the ATO boogie man wouldnt be after me.
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