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Old 07-24-2001, 03:58 AM   #12

Join Date: Aug 1999
Location: Gold Coast, Queensland, Australia
Posts: 9,507

Originally posted by Jan
Just as a matter of interest to 'overseas' affiliates, if you are earning big money, do you have to declare it?

At present the Australian Tax Office doesn't know about my earnings from the net. I don't even know if we have to tell them.

Czar maybe you know???
Earnings from the net have to be declared, just as any other earnings would be. For want of a better term, most of us are classified as 'exporters', since the majority of our online revenues come from overseas, and just like exporters of products, we are required to pay taxes on our earnings (while receiving deductions on business-related expenses).

Personally, the only benefit that I get from dealing mainly with US-based firms is that filing my company's BAS each quarter is a piece of pie, since no GST is payable or receivable on such transactions. I certainly receive no out-of-the-ordinary tax breaks, though. Pity.

In order to learn more about how your online earnings affect your tax reporting, have a conversation with your accountant. It's always better to be safe than sorry.

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