How do you work out tax etc

[*Efjay*]

I am thinkig about doing some stuff from home. I doubt I would be earning over the 6k thresh hold a year. But it would also be cash in hand sort of stuff. So I woul dneed to take care of the tax & all that.
But I have no idea how.

Reason I need to figure it out. Is DS goes to preschool but Im not entitled tot he childcare rebate thingy cuz I am not working. So I figure if I am doing some work at home stuff then I can get the rebate, which would make it more affordable to send him. He loves going & has school next year so I would like to let him do the 2 days a week they operate.

I just don't know how you make cash in hand type agreements lagit KWIM?

[Astrid]

Ok, forget the $6k threshold, if the ATO wants to classify your income as taxable they will, whether it is $6 or $6000. If you claim that you are working in order to reduce childcare fees then you are just giving them the ammunition they need to classify it as taxable. Also remember any taxable income will affect your FTB payments. So, I think you need to see an accountant to see what situation will suit you the best, keep it cash in hand or declare it.

As for keeping track of cash transactions, just grab yourself a receipt book.

ETA: With the $6k threshold are your referring to the taxfree threshold or some other business related threshold? If you are referring to the taxfree one, then whilst anything under $6k will not be taxed, it will still affect your FTB and as such you could lose a small amount of that. Sorry jumped in above, as a lot of people like to quote a threshold as to when your are or are not a business, but one of those does not really exist.

If you are going to keep track of receipts, also track your expenses just in case you make a nice little profit.

[*Efjay*]

Thanks for that Astrid. Well I was just thinking of the tax free thingy.
See chances are I would make say 2 or 3 hundred dollars in a month MAX. That would change all the time. I might have months of nothing.

my FTB is already set to say that I earn 5k or something like that, I just wanted to be safe just incase I ever did any casual work for the vet surgery I used to work for before having Isla. They have often asked if I could fill in over holiday periods etc. But its never been worth the money to do it.

But Now Glenn is hanging to do more then the 1 day a week at preschool. 2 days would be $60 a week. I know it seems little but its alot on our budget. BUT if I can show that I am either working or studing at least 15 hours a week then I would get some of that $60 back. So I thought hey, why not turn this occasional favour into a proper "work" situation so I have that 15 hours of work to show so I can get help with the preschool fee's.