- IntrigueMember@intrigueJoin Date: 2010Post Count: 208
Hello, I have a (well a few) stupid tax questions to ask and I cant work out where to find the answers without having to give a local accountant hundreds of dollars. Its not so much about the $100's of dollars I would have to pay out but rather the look on his face when I ask that bothers me. hee hee So I am starting my own business as sole proprietor, but I am a little confused as my first job will be just prior to the end of financial year. so from a tax perspective is earnings considered when you do the work i.e. June or when you get paid i.e. July? Sorry I'm an idiot I know
Do the work but start your tax records from a fresh new tax year and bill it out in the new tax year.Joel.MacdonaldMember@joel.macdonaldJoin Date: 2012Post Count: 52
From my understanding it is when you get paid the income. So I would invoice to get paid for July.
You would be better off delaying payment until July. Save you a full year of tax accountant fees etc.IntrigueMember@intrigueJoin Date: 2010Post Count: 208
So I do the work in June… and I invoice in early July. On the invoice do I state the invoice is for works carried out in June? (just so I'm clear)
There are 2 book keeping methods with regard to the ATO. At time of invoice or at time of payment. I've always worked on time of payment. Send your invoice out at the end of Jun for Jul payment.TerrywParticipant@terrywJoin Date: 2001Post Count: 16,213