I am employed casually aswell as sole contract work (considered Personal Services Income for tax purposes) approx 8hrs a week. I turned over $45k this financial year. I got my hopes up to see a pretty nice tax return only to find I'm getting $0 as any additional tax return went against my sole contract earnings.
How can I add additional amounts to my tax? Ultimately I would prefer to do it weekly. To be able to set it up online would be great, finding the time throughout the day to sit on the phone to a government agency is far and few between for me.
A quick look on my MyGov website has let me to a "payments" section, but it doesn't state what payments it's actually for.... overdue, fines or like myself wanting to put that little extra aside in the hope it will be to my benefit next financial year.
10 Replies
Why don’t you just put money in a savings account? It’s much easier and that way you get to earn interest on the money.
Just set up a direct debit from your normal account each pay cycle.
Funnily enough I never thought of this! Would be worried I'd dip into it though.
Don't claim the tax free threshold for your casual work but do for the sole trader stuff, there should be lots of info on the ato website for small businesses.
I have considered this but that would mean I get taxed at neally 30% each pay. I just don't know if I could work with that as my contract work get paid monthly.
Do you pay tax on your contract work?
When I do my taxes at the end of the year the taxes come out then, that's why I'm not getting anything. Trying to figure out how to send it through throughout the year. I've looked on the ATO website but their jargon is confusing me.
Do you pay a BAS? You can pay that same account with same reference no and it be held in credit til you need to pay your tax
Go see an accountant.
My accountant has said to just leave it how I'm doing it. I would prefer to get something back this time of year though. My casual job is in the tourism industry and this time of year can be quiet work wise.
I pay fortnightly payments via my PAYG BPAY number and it goes onto my account. At the end of the quarter they just offset my PAYG debt against the payments I have made - I assume they would do this against your yearly owing a as well. My accountant told me that I couldn’t pay in advance either but I tried it and it works