August focus: Domestic Cleaning Service
Paying Taxes
If you intend to voluntarily pay taxes, this is what you need to do:
- Contact the Australian Tax Department on 132861 and ask them to send you either a Weekly, Fortnightly or Monthly Tax Installment Schedule. Or, if you live in another country ask the relevant government department what you need to do in order to pay your taxes.
- At the end of each week work out your total earnings less the Running Costs that you should set aside to cover your marketing costs, and find that amount on your Schedule.
- The Schedule will guide you as to how much Tax you need to pay, and it is recommended that you pay weekly or fortnightly in order not to get behind in your tax.
- Then send your payment off to the address listed on the documentation that you receive from the Tax Office. Since the introduction of GST there is no Provisional Tax but you should still keep up with paying your tax before it gets too far behind.
- As you will need to set up an ABN if you live in Australia, you should speak to your accountant. Any advice I give you may not apply to your particular situation, so it is better to speak to those who know what the tax department requires.
Like I have mentioned before, if you have investigated legal, lawful alternatives to operating your business, you can always utilise those. Paying tax is voluntary, not mandatory. Watch this: https://www.youtube.com/watch?v=AcdNCz_7Qo0
You can read in the next article: Business Promotion Simplified