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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

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Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Side-giggers warned to beware of ATO fines

By Maja Garaca Djurdjevic

January 12 2021
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Side-giggers warned to beware of ATO fines

By Maja Garaca Djurdjevic
January 12 2021

With tens of thousands of Aussies turning to side gig and contracting work to generate an income, an expert has warned that many could fall foul with the ATO for failing to operate their activities as a proper business.

Side-giggers warned to beware of ATO fines

By Maja Garaca Djurdjevic

January 12 2021
Share

Coco Hou, the managing director of Platinum Accounting Australia and Platinum Professional Training, has explained that people taking up side gig and contracting work must ensure they follow the rules of business.

“A lot of people have lost their jobs over the last 12 months or have been forced to cut back on the number of hours they work due to COVID.

“As a result, we are seeing a significant surge in the number of people taking up side gig and contracting work. Effectively, these people are starting up their own businesses and therefore should be managing their activities as legitimate businesses,” Ms Hou said.

Understandably, for many Aussies this is a completely new way of earning money and they have little to no understanding of their accounting and taxation obligations and the requirements associated with setting up and running a business.

“Like any other business, they need to apply for an ABN.

“In addition, they also need to register for GST when their business reaches turnover of $75,000 or more.

“If you start a new business and expect your turnover to reach $75,000 or more in the first year of operation, then you need to register for GST straightaway.”

Ms Hou believes many people are at risk of failing to set themselves up properly from the outset.

“Bookkeepers are in huge demand at the moment. While people are busily trying to build up their client base and deliver services as a side-gigger or contractor, they don’t have time to be focusing on the bookkeeping and accounting side of things.

“They are going to get themselves into trouble with the ATO.

“This is why it is important for anyone who is now working in a side gig or contractor capacity to find themselves a good bookkeeper to ensure they are meeting their obligations and importantly capturing and recording all of their expenses so they can claim them come tax time,” Ms Hou concluded.

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About the author

Maja Garaca Djurdjevic

Maja Garaca Djurdjevic is the editor of nestegg and Smart Property Investment. Email Maja at [email protected]

About the author

Maja Garaca Djurdjevic

Maja Garaca Djurdjevic is the editor of nestegg and Smart Property Investment. Email Maja at [email protected]

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