At Etax Local we take the hard work out of your Freelancer tax obligations by taking care of everything for you.
Freelancer Tax Returns
For the purposes of your freelancing work you are classed as self-employed. So you need to treat all your freelance income as business income – just as you would if you were a sole trader or ran a small business.
Freelancing takes many forms these days. With certain types of freelance income classed as Personal Services Income (PSI), things can quickly get complicated.
Etax Local specialise in looking after freelancer taxes, as well as small businesses.
A little on the side?
“I only did a couple of side gigs – do I need to declare the income?”
Yes, you should declare all the income from all sources throughout the year.
Just remember when it comes to freelance income, the ATO have access and data match with Share Economy apps like Airtasker and Deliveroo and also rideshare apps such as Uber, Didi and Ola. So even if you did a couple of jobs or ‘gigs’ here and there, the ATO knows about it. So, when in doubt, make sure you declare everything you earn.
If, like may people, you have a job but do some freelance work in your freetime, no problem. We can process and lodge your employee income and freelance income at the same time.
Note: Our service includes accessing your Income Statement from the ATO, so there’s no need to battle with the myGov website!
Freelancer Income over $4000 a year?
If you earn more than $4000 in freelance income, you may also need to make PAYG payments throughout the year. Your Etax Local Accountant is happy to advise you on this, and can help you set up the payments.
What about Business Activity Statements (BAS)?
You should register for GST once your freelance income goes above $75,000 per year. At this point you will also need to lodge activity statements, either monthly, quarterly or annually.
Our top 3 tips for Freelancers
- Keep every record and every receipt for your freelance related expenses. This includes travel expenses, tools, equipment, protective clothing and anything else you purchase, subscribe to or need to use to carry out your job. If you needed it, paid for it and you didn’t get reimbursed, you should be able to claim it as a tax deduction.
- Declare ALL your freelance income. Even if you only do a couple Airtasker gigs in a year or a couple of other contracts. The ATO has access to gig economy data and has sophisticated data match software. So if you did any work, the ATO will know about it.
- If you work from home, make sure you also claim home office expenses to offset some of the running costs. If you work at home full time, you may be able tp claim occupancy costs but that could mean you need to pay CGT if you sell your property.
Etax Local: The helping hand every freelancer needs
Our team are happy to advise you on PAYG instalments, GST registration and preparing BAS statements – as well as lodging you annual tax return. So why waste time trying to work all that out? We’ve got this!
No appointments necessary
To make things easier, our secure online portal means you don’t need to make appointments or fill in any forms. You just login, upload your freelancer income and expense records and we’ll do the rest.
Minimise your freelance taxes AND stay on track with reporting and registrations.
Get in touch with the team at Etax Local on 1300 174 689
Alternatively, use our online form to register your interest and we’ll be in touch within one business day.
Tax Agent
