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Tax on second income

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Replies 1

How do I roughly calculate tax that should be paid on a second income from home buisiness that earns around 10 000 pa. Thanks

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Accepted Solutions

Most helpful response

Devotee Registered Tax Practitioner

Replies 0

Hi @AmyClark 

 

Your sole trader net profit will form part of your taxable income that you will pay tax one and then you will pay tax at individual tax rate in accordance with the following

 

https://www.ato.gov.au/rates/individual-income-tax-rates/

 

Please be reminded that there  Medicare levy etc

Hope this helps 

1 REPLY 1

Most helpful response

Devotee Registered Tax Practitioner

Replies 0

Hi @AmyClark 

 

Your sole trader net profit will form part of your taxable income that you will pay tax one and then you will pay tax at individual tax rate in accordance with the following

 

https://www.ato.gov.au/rates/individual-income-tax-rates/

 

Please be reminded that there  Medicare levy etc

Hope this helps