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Jacob Fenech

πŸ‘€ Speaker
958 total appearances

Appearances Over Time

Podcast Appearances

Australian Finance Podcast
10 must-know ATO tax rules for 2021 | How to save on tax (businesses & PAYG!)

She also got two extra jobs during COVID.

Australian Finance Podcast
10 must-know ATO tax rules for 2021 | How to save on tax (businesses & PAYG!)

The first one is she worked on ABN.

Australian Finance Podcast
10 must-know ATO tax rules for 2021 | How to save on tax (businesses & PAYG!)

So she applied for an ABN, which I know you can do through Edtax or the government website, as a night shift worker at Bunnings fulfilling orders.

Australian Finance Podcast
10 must-know ATO tax rules for 2021 | How to save on tax (businesses & PAYG!)

So she was the one that was probably packing my orders when I was just binging on Bunnings orders during COVID.

Australian Finance Podcast
10 must-know ATO tax rules for 2021 | How to save on tax (businesses & PAYG!)

So she invoiced for that because she was a subcontractor and she got the money paid to her account.

Australian Finance Podcast
10 must-know ATO tax rules for 2021 | How to save on tax (businesses & PAYG!)

So she hasn't necessarily withheld her own tax.

Australian Finance Podcast
10 must-know ATO tax rules for 2021 | How to save on tax (businesses & PAYG!)

She's just got the money and she thought, great, this is wonderful.

Australian Finance Podcast
10 must-know ATO tax rules for 2021 | How to save on tax (businesses & PAYG!)

The second thing that she did was once the Bunnings work ended, she did some extra work on Airtasker.

Australian Finance Podcast
10 must-know ATO tax rules for 2021 | How to save on tax (businesses & PAYG!)

She thought, well, hey, I was doing that extra work at Bunnings.

Australian Finance Podcast
10 must-know ATO tax rules for 2021 | How to save on tax (businesses & PAYG!)

Why don't I keep doing that and see what I can do?

Australian Finance Podcast
10 must-know ATO tax rules for 2021 | How to save on tax (businesses & PAYG!)

So just as a very high level, this is a very niche example, but I only bring it in because there are a lot of people kind of jumping between jobs this year.

Australian Finance Podcast
10 must-know ATO tax rules for 2021 | How to save on tax (businesses & PAYG!)

How can she think about preparing her tax return for the current year?

Australian Finance Podcast
10 must-know ATO tax rules for 2021 | How to save on tax (businesses & PAYG!)

So the year ending June 30th.

Australian Finance Podcast
10 must-know ATO tax rules for 2021 | How to save on tax (businesses & PAYG!)

So if just one more thing I was asking, so if Stacey earned say, let's say she earned $50,000 just around figures, the GST, the way I understand GST is if you're a small business and you're going to turn over $75,000 or more.

Australian Finance Podcast
10 must-know ATO tax rules for 2021 | How to save on tax (businesses & PAYG!)

So it's not based on what you've just earned, but what you're expected to earn.

Australian Finance Podcast
10 must-know ATO tax rules for 2021 | How to save on tax (businesses & PAYG!)

So $75,000 or more, you have to register for GST.

Australian Finance Podcast
10 must-know ATO tax rules for 2021 | How to save on tax (businesses & PAYG!)

But let's say she earns $50,000 from her hairdressing.

Australian Finance Podcast
10 must-know ATO tax rules for 2021 | How to save on tax (businesses & PAYG!)

and she's expecting to earn $25,000 or $26,000 from her ABN.

Australian Finance Podcast
10 must-know ATO tax rules for 2021 | How to save on tax (businesses & PAYG!)

Would she have to register for GST in that regard?

Australian Finance Podcast
10 must-know ATO tax rules for 2021 | How to save on tax (businesses & PAYG!)

Or because is that separate from her PAYG?