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View Poll Results: What is your pre-tax net profit for calendar year 2001?
DUDE! I'm in the red for 5 figures. 3 1.97%
I'm loosing thousands and it hurts! 6 3.95%
I'm loosing hundreds and I can't sleep! 11 7.24%
I break even. 12 7.89%
My profit is 2 digits. 9 5.92%
My profit is 3 digits. 13 8.55%
My profit is 4 digits. 37 24.34%
My profit is 5 digits. 49 32.24%
I'm making 6 digits. I need a dump truck when I make a deposit. 12 7.89%
Voters: 152. You may not vote on this poll

 
 
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Old 07-24-2001, 07:25 AM   #16
Jan

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Oh boy! All those nice 'overseas negotition' forms from the bank got thrown out when I was sure the money was mine

I didn't keep good books and I don't have a shoe box. I really didn't think I would need them. I still have MYOB though from school, but none of my stuff in it!

Oh Boy!

I will take your advice from this day on!! Can I swear????

I just did, but you didn't hear it I hope
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Old 07-24-2001, 08:11 AM   #17
Czar

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You'll be right. Just work from your bank statements.

In terms of tax reporting, the source of your payments isn't hugely important, since no Group Certificates or anything like that are issued from foreign firms. All that is important is how much you earned, what expenses were involved in the running of your business, and whether there was a GST component associated (most often there won't be).

If you don't have your bank statements on hand, you should be able to retrieve this info, or order past statements through your online banking service.

Hope this helps, and best of luck.
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Old 07-24-2001, 11:03 AM   #18
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Quote:
Oh please gimme a break.

15% of you make 6 digits? We are not counting to the hundreths place guys 6 digits is to the LEFT of the decimal

If you honestly make over $100k/year yikes, whats your site!
Not everyone who is an online professional makes their money through content sites. I don't see why those figures are hard to believe when you look at the quality of the sites, products and services that are sold by the members of this forum.
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Old 07-24-2001, 03:46 PM   #19
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This may be of interest to you:

In the last 24 hours 141 unique members have visited geek/talk. This is tracked via the member session cookie which is very persistent. Only members in good standing can vote.

Any final conslusions may be premature given that just 75 folks have voted as of this post. Thats a bit higher than what I expsected but this is really unchartered water. Thanks for all of you who chose to participate.

The mecahnics and procedures are already under discussion at:

http://66.33.83.213/forums/showthrea...threadid=11656

Thats the thread to use for these types of issues..

If I were to draw conclusions from our 75 votes it would be:

The majority of members can afford to pay $9.95 per month to use geek/talk </joke>

Seriously, I hope and pray everyone takes these Polls seriously and gives honest answers and only votes once. Natch, all Polls have a "fudge factor" or what some call an error factor.

The geek/talk member demographic is significantly different than the average run of the mill BB. Each Community has their own way of doing this so I'm respectfull of other methods and the fine Boards that do this. We do have Merchants who I presume voted as well as Corporate types. Thats one of our unique strengths Lets wait and see. This is our first real Poll in this Forum so it might take us some time to fine tune the procedure.

AND, speaking of Polls please take a minute and vote in our Speed Poll at:

http://66.33.83.213/forums/showthrea...=&threadid=142

Thanks and good luck.
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Old 07-24-2001, 03:58 PM   #20
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i just went thru my little box-o-receipts and tallied that i made $14921.43 in profits in the last 365 days. Im very proud of myself even tho many of ya'll make 10X that... The only sad part is that i dont really think ill ever make that much again in a year from the web........... WELL MAYBE! Im soon to launch a new really tight program called skinbot... Ill be sure to show you all this program before i launch it. Its a new exciting thing that allows you to have skins on your browser (without the gross ad bar that hotbar makes you have).

Again, as I posted months ago.... I feeeeeeeel SOOO lucky that i, joe shmo, was able to find out about the net while you could still make money relativily easily. I feel sorta sad for the other million's of american teens who werent as fortunate.

PEACE.
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Old 07-24-2001, 07:32 PM   #21
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Default Tax reporting guide

I think there is a market for
tax reporting/personal finance guide to affiliates.

One for affiliate in each country.
e.g. guide for US affiliate, AUS affiliate,UK affiliate, etc
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Old 07-24-2001, 08:28 PM   #22
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xuniverse, $15K for a student is not a bad wage. You should be proud of yourself that you accomplished what many could not.

govinda, a tax tips website for webmasters is a great idea! I know if there was one for Canadians, I'd check it out and would probably spend some cash for an ebook on the subject.
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Old 07-24-2001, 09:35 PM   #23
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thanx..... but i lost about 2 friends for that $15000.... I turned down alot of oppurtunities to go do fun things cuz I wanted to work on building sites... BUT ITS ALL GOOD NOW... Im back and very happy... so i would do it again.
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Old 07-25-2001, 12:32 AM   #24
Nintendo
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I voted five digets. Before taxes and costs I'll make between $15,000-$20,000 this year, vs around $100,000 last year that was all from content sites.

This year, besides content sites, I'm making $$$ from selling stuff through amazon.com and making ebay.com leads.

::We probably won't see many votes below "I break even".

Right now it looks like 90% did better then breaking even!!!!!
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Last edited by Nintendo; 07-25-2001 at 12:33 AM.
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Old 07-25-2001, 02:00 AM   #25
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I have introduced some confusion in this poll because I assumed we all know what the terms mean. So, after reading a few posts in this thread let me explain and please accept my appolagies.

The original question which has never been changed or been edited:

"What is your pre-tax net profit for calendar year 2001?"

1) Calendar year 2001 begins on 1/1/01 and runs through the current day.

It's NOT the last 365 days or the last year. It's sometimes refered to as "year to date"

2) "pre-tax net profit" for the purposes of this poll is and a ballpark definition for self employed folks is :

I cashed checks for $12,000.00 for CPA, CPM, and CPC campaigns for period 1/1/01 through today. Thats your gross and NOT your net. It's never your NET as all business have exspenses.

3) I spent a total of $7,000.00 for the period 1/1/01 through the current day for EXSPENSES like hosting, advertising, custom coding work, rent, graphic artists fees.

4) My "...pre-tax net profit for calendar year 2001" is NOT $12,000.00. My pre-tax net is:

12k minus 7k = 5K

5) Salaried GEEKS of which we have plenty get a "pay stub" which showes gross earnings and net.

Again, my appolagies.

You can exspect the Forum below this one named Business Principles to open very very soon

Last edited by Steve_S; 07-25-2001 at 02:07 AM.
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Old 07-25-2001, 04:59 AM   #26
Jan

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Wink

Still doesn't change my vote

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Old 07-25-2001, 07:38 AM   #27
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Default Australian Tax Office

quote:
--------------------------------------------------------------------------------
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???
--------------------------------------------------------------------------------

Jan

not only do you have to pay tax on your earnings you also have to pay GST on your affiliate commissions if it's an Australian who purchases the product you receive commission on.

A few months ago the Aussie tax office got their lawyers in Canberra to make a private ruling on my overseas affiliate earnings.

And what they came up with was:

Their letter is full of official gobbledegook, but it seems to say that we have to pay GST on our affiliate commissions whenever an aussie resident buys a product.


"It is considered that you are making a supply of your services as a promotional agent to the various vendors who pay you an "affiliate" commission. The commission you receive is consideration for this supply."


............


"when there is no relation ( to Australia ) to the acquisition of your promotional services, you may offer that supply GST free."


.................


"When you receive an affiliate commission from an Australian entity the commission will be subject to GST. In practice for you it will most likely be impractical to request that you be paid an additional 10% to cover this GST liability.


"The cost of GST payable on such commissions is 1/11 of the consideration received."
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In practical terms we often don't know whether the person buying the product is an aussie or not but it seems we have to try and find out.

Phil Wiley
http://www.minisiteprofits.com
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Old 07-25-2001, 07:49 AM   #28
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Woutah,

what happened ? Have you declared your earnings ?

I'm also from Belgium, and wanted to declare my revenue.

They did not even think it was possible to earn money from the net. They laughed at me and told me to not declare anything.

They do not even know what the internet is all about (even my parents do not know).
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Old 07-25-2001, 07:54 AM   #29
Jan

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Thumbs down

Holy wow!!

How on earth can we say who clicked on banners or used mailbits??? I would say maybe 70% were from USA but the rest were from ALL over the world!!

I didn't sell anything myself apart from advertising for the banner companies.

How did you handle that with the ATO?
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Old 07-25-2001, 08:08 AM   #30
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Well I haven't handled anything with the ATO yet. But I'm worried about it.

I've been making my money by writing about affiliate programs in my weekly newsletter, plus running a number of mini sites. Most readers are from the US, and I'd guess around 3-6% are Aussies. Sometimes I can tell if an Aussie buys from me - when the affiliate program is run through Clickbank, for instance, it shows the country of the buyer, but usually I can't tell.

But things are going to get more complicated. I've just released my first book, about building mini sites, and I'm about to launch my own affiliate program.

I'm half thinking of leaving the country.

Phil
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