Hi there, A question for the Australians on the board. This is my first year of Affiliate marketing, and im starting to make a couple of dollars. I would like to know what happens at tax time....do you get to keep most your earnings, or does the tax man take them away? I plan to see an accountant once I start making more money and get a buisness number etc. But until then...is it really worth it at the end of the day?
This realy is the question you need to pose with your Accountant/Financial Advisor A lot of it depends on how much you are talking about, and if you can show if it is a "hobby". Your individual circumstances will dictate what you need to do, but remember, when you declare your income that you have a lot of expenses - such as Broadband, Computer depreciation, Your have a seperate room in your house to run your business and therefore a % of your rent can be claimed, of course there are the things like hosting, domain names, paying for links/blogposts, your own advertising expenses. When it all boils down, you can conceivably deduct several thousand $$ from any income - You just need to talk to the accountant as soon as possible - don't wait until the last minute. Your Accountant fees are also deductable business expense. In reality, if your actual income is less than $5k your accountant should be able to pretty well write everything off - if not, get yourself a better accountant. This is NOT financial advice. but general information that you might find beneficial to take with you to your accountant.