With the End of Financial Year just over a month away, it’s time to start thinking about completing a tax return for your earnings.
Because you’re not an employee of Better Caring, you will not receive a group certificate at the end of the year that employers typically provide. Instead, we will provide you with a statement of the money you have earned through the platform from July 1, 2017 to June 30, 2018.
Whether you are working through Better Caring to ‘top up’ your earnings from another job, or you’re working full time for multiple clients through the platform, you will need to remember to lodge your tax return by 31 October.
We’ve created this quick infographic to help you get started thinking about what you need to do.
Did you earn more than $18,200 this Financial Year?
This should include ALL your sources of income, including bank interest or payment from a rental property – click here to see a full list.
If you have, make sure you get all your records in order:
1. Better Caring will send a statement of your earnings after June 30
2. Organise all records of other income.
3. Make a list of your tax-deductible expenses and ensure you keep receipts.
If not, you might not need to do a tax return. Check with the ATO tax tool.
Once you’ve organised your earnings, you’re ready to lodge your tax return!
Better Caring has partnered with Airtax to offer you three exclusive offers:
– For $49, lodge your tax return in just 15 minutes.
– For $149, receive Airtax’s Lodgement Assistant Services for more complicated tax returns.
– For $29, lodge your BAS in just 10 minutes.
Or, you can lodge online for free with MyTax on the ATO website.
Before you lodge your tax return, you may want to consider your Superannuation and whether you’re registered for GST.
If you’re registered for GST, you will need to complete a Business Activity Statement (BAS) – find out more here.
You can find more information about super for self-employed workers here.
Make sure you lodge by the October 31st deadline.
Note: This information should not be considered legal, accounting or tax advice. We recommend you speak with an accountant, tax advisor or your financial advisor. Better Caring and other parties disclaim all responsibility, representations and warranties, including, but not limited to, warranties as to the quality, accuracy and completeness of the information of whatsoever nature and warranties of fitness for a particular purpose, or any action taken or not taken based on this information.