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Do freelance sole traders need to submit BAS/PAYG monthly?

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Initiate

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Replies 3

Hi!

I'm a sole trader who mainly does freelance work from home via online involving creative arts including
Freelance:
1. Voice Acting
2. Singing
3. Programming and
4. Writing.

Plus:
1. I only just obtained my ABN this month.
2. I'm NOT registered for GST as my business just started this year and I've only made about less than $200 so far.
3. I'm not registered for PAYG withholding as I'm only RECEIVING payments and my clients are always different.
4. My commissions are inconsistent as I only get freelance work occasionally.

So, based on the information above, I was wondering how often would I need to submit my business activity statements to the ATO or whether I would need to submit BAS at all, since I'm only a freelance sole trader?

Also, do I still need to register for PAYG withholding if I'm only receiving payments?

Thanks!

-IndiegameDEV
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Best answer

Taxicorn

Replies 2

@IndiegameDEV 

 

When your turnover exceeds $75,000 per financial year you need to register for GST and do quarterly BAS.

 

You are not paying anybody so you don't need to be registered for PAYG.

 

You probably also would qualify for Special Professional Income averaging

So best to speak to your tax professional.

 

 

 

3 REPLIES 3
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Best answer

Taxicorn

Replies 2

@IndiegameDEV 

 

When your turnover exceeds $75,000 per financial year you need to register for GST and do quarterly BAS.

 

You are not paying anybody so you don't need to be registered for PAYG.

 

You probably also would qualify for Special Professional Income averaging

So best to speak to your tax professional.

 

 

 

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Initiate

Replies 1

Hi Macfanboy,

 

Thank you for answering my question and providing the additional information!

 

I was also wondering, does the income I earn from the freelance business activities I mentioned above, also count as Personal Service Income? (PSI)

 

Thanks!

 

-IndiegameDEV 

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ATO Certified

Community Support

Replies 0

Thank you @macfanboy for the continued support you provide to our community.

 

Hi IndiegameDEV

 

You can use our Personal services income tool to work out if you have received PSI and if the PSI rules apply to that income.

 

Thanks, Ari