View Poll Results: How much of your weekly earnings do you declare on your tax return?

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Thread: How much income do you declare?

  1. #1
    Featured Member krys's Avatar
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    Default How much income do you declare?

    Just wondering as I have to get my A into G with the whole thing.

  2. #2
    God/dess GoldCoastGirl's Avatar
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    Default Re:How much income do you declare?

    Basically whatever I deposit into my bank accounts I declare. Hence if I don't deposit a week here and there.. I won't declare it.

    Besides, I spend this money on items such as food and drink.

    Otherwise I will be declaring 95% of my earnings. The only reason I'm doing this at the moment is because I need to stay under the $50,000 a year turnover (before tax earnings) mark.

    In Australia, if you earn $50,000 or more per year in turnover... you have to register for GST amongst other requirements. If I earn $49,999.95 (as anything more than .95 will be rounded up)... I'm safe. I was originally registered for GST however something happened and I decided to de-register myself... hence I have to make sure I don't earn over $49,999.95 this year including any interest I have earned via savings accounts etc.

    In the 2004-2005 financial year, I will be declaring everything I earn (excluding tips)... hence register-ing for GST, doing a monthly (instead of quarterly) BAS.. etc. I will be totally legit in the next financial year.


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  3. #3
    Banned Melonie's Avatar
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    Default Re:How much income do you declare?

    I declare every single bit of my income. I also claim every business expense deduction I'm entitled to. With today's IRS automatic income reporting features in effect at banks, investment houses, automobile title offices, real estate title offices etc. the "good ol days" of 10 years ago where a girl could earn large amounts of money in unreported cash and still be able to spend it without being questioned as to where the money came from and whether or not taxes have been paid are long gone in the USA.

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