NEWS

As the digital world continues to grow, so do the opportunities for earning income online. One such opportunity is affiliate marketing, where individuals can earn commission by promoting products or services on their social media platforms. This could be a great way for you to earn some extra income. However, it's important to understand the tax implications and obligations that come with earning online income.

Firstly, it's important to keep accurate records of your income and expenses. This will help you to accurately calculate your taxable income and ensure that you pay the correct amount of tax. You should keep track of all income received, as well as any expenses incurred in earning that income, such as website hosting fees, advertising costs, and any other expenses related to your affiliate marketing activities.

It's also important to note that any income earned from online is considered taxable income. This means that you will need to pay tax on any commissions earned, even if they are paid out in a foreign currency.

If you earn over $60,000 per year, you may need to register for GST.

Another key consideration for online income earners is the use of accounting software. This can help you to streamline your record-keeping and ensure that you stay on top of your tax obligations. There are many different accounting software options available, so it's important to choose one that suits your specific needs and budget.

Finally, it's important to seek professional advice if you are unsure about any aspect of your tax obligations when earning online income. We can provide you with valuable guidance and support, ensuring you stay compliant with all relevant tax laws and regulations.

 

Disclaimer

This information is intended to provide general advice only.  We recommend you discuss your specific situation with your Accountant.