Jacob Fenech

speaker

958 appearances 3 recordings 1 series first heard Jun 2021 last heard Jun 2022

Jacob Fenech’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · Tax time 2022: things to know (to get the best return) · 23 Jun 2022 podcast

Yeah.

So I think, I mean, really importantly, there are different deductions that you can claim when you have a business on the side as well.

So a lot of the registration costs and things around like setting yourself up are definitely relevant.

So keep track of those relevant to your, whatever it is you are doing.

So say it's,

contract designer or even like an architect or whatever it might be, there's generally fees that you're paying that as a sole trader, they're not reimbursed like they might be as an employee.

So it's really important then that you are keeping track of those.

I think a lot of the time as an employee, if they are reimbursed, you kind of don't worry about them because your employer pays for them.

You can't claim the new return anyway.

But when you are doing work on the side effectively and that side hustle, as we said,

making sure that you're keeping track of those expenses that are out of your pocket are really important.

Things like if you're filing business activity statements and you're paying to do those, they're also tax deductible, really importantly.

So I would say, yeah, set up costs.

I mean, you can claim all that's still the same relevant deductions like if it's like building your skills.

So your skill set needs to be kind of relevant to the income that you're earning, but anything in that space –

As a contractor, if you're going along to conferences or any additional learning that you are doing is super relevant too.

But yeah, I suppose it's like extending out deductions that you can claim as an employee.

As I said, the reimbursed kind of nature of those definitely is different as a contractor.

Completely, completely.

And the tax term that I think we chatted about in the last podcast as well, but that nexus, so connection nexus, whatever you want to call it,

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