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LauraBeth(Newbie)Newbie
12 Jan 2025

Hello!


I'm hoping to start doing some side hustles to earn a little extra money and was hoping for some clarity on the tax that may be incurred before I started. I'm looking at completing paid, online marketing polls and was hoping someone might be able to confirm how I need to handle the money I will get coming in. Specifically, will I need to pay tax for the income even if it's below the $18.2k threshold? Will I need to lodge the money as well?


For context as well, I work a full-time job 5 days a week and earn roughly $84k before tax.


Thank you in advance for your advice!

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1 replies
309 views
1 replies

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Most helpful reply

Taxduck(Taxicorn)Taxicorn
13 Jan 2025

"..will I need to pay tax for the income even if it's below the $18.2k threshold? "

Yes.

The tax free threshold is an entitlement to the first $18,200 of taxable income. This includes all assessable income (wages, salary, investments, business, etc.) Your business income above $84k will be taxed at 30 cents for every dollar earned as profit (not including Medicare levy, or Medicare levy surcharge and student loan compulsory repayment if applicable). Below are the tax rates

Tax rates – Australian resident | Australian Taxation Office

All replies

Most helpful reply

Taxduck(Taxicorn)Taxicorn
13 Jan 2025

"..will I need to pay tax for the income even if it's below the $18.2k threshold? "

Yes.

The tax free threshold is an entitlement to the first $18,200 of taxable income. This includes all assessable income (wages, salary, investments, business, etc.) Your business income above $84k will be taxed at 30 cents for every dollar earned as profit (not including Medicare levy, or Medicare levy surcharge and student loan compulsory repayment if applicable). Below are the tax rates

Tax rates – Australian resident | Australian Taxation Office

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