Gig economy
Are you one of the many Aussies who have taken up a side hustle or are using the gig economy to make some extra cash to survive the cost of living crisis?
If yes, make sure you declare the additional income in your tax return.
You might not think it counts because it’s just a side hustle but the ATO says if you earn money through continuous and repeated activities for the purpose of making a profit, then it’s likely you’re running a business.
This can include animal breeding, ride share, food delivery, online content creation and even running weekend bootcamp sessions.
On the plus side, that means you can claim a deduction for any expenses related to earning your income.
Check with a tax agent if you’re unsure what you may be able to claim.
Effie Zahos
Effie Zahos has been providing expert advice on personal finance and consumer issues for over two decades, and her insights are sought after by many Australians.
The author of several best-selling books on personal finance, including “A Real Girl’s Guide to Money: From Converse to Louboutins,” “Getting Rich, Staying Rich: A Practical Guide to Investing in Shares,” and “The Great $20 Adventure,” her expertise and experience in the area of finance are unparalleled, and she is a passionate advocate for financial literacy in Australia.
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These Tax Tips with Effie Zahos are for general information only, not tax advice.
Before making any decisions you should speak to a registered tax adviser.