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s*x work and how to go about paying tax

I'm new

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Replies 1

Hi,

 

I have started an onlyfans account, basically a website selling your specific content. I have almost made close to 2k in 2-3 days but it takes 7 days for the monney to become available to me. I understand that i will need to get an ABN, but was just wondering how much tax would i be paying if i continued? 

I have a full time job M-F. Does everything i earn just add on top of what i already earn a year? I wasnt sure if a second job has any tax free threshhold? Or if i can earn a certain amount before declaring? Any clarification on any of these things would be greatly appreciated. 

Thanks

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Devotee

Replies 0

There is only one tax free threshhold, which will apply in your M-F job

When you do your tax return, simply declare your additional income as "other income" which is added to your normal income.

You have to pay tax on it even if it is not received yet. In the same way that when I invoice a client and they have not paid me yet, I still have to pay tax on that.

How much tax you pay will depend on your total income (check out the ATO's tax tables, and I believe they have a tax caculator also - simply fill the figures in of all your income).

Great to hear that your new enterprise has been so successful. If you continue with it, you may wish to consider paying a voluntary PAYG from this private income. We do that so that there is less of a tax shock at tax time.

1 REPLY 1

Most helpful response

Devotee

Replies 0

There is only one tax free threshhold, which will apply in your M-F job

When you do your tax return, simply declare your additional income as "other income" which is added to your normal income.

You have to pay tax on it even if it is not received yet. In the same way that when I invoice a client and they have not paid me yet, I still have to pay tax on that.

How much tax you pay will depend on your total income (check out the ATO's tax tables, and I believe they have a tax caculator also - simply fill the figures in of all your income).

Great to hear that your new enterprise has been so successful. If you continue with it, you may wish to consider paying a voluntary PAYG from this private income. We do that so that there is less of a tax shock at tax time.