Latest news with #Sydney
Daily Mail
an hour ago
- Business
- Daily Mail
Urgent warning to Aussies with a side hustle from UberEats delivery drivers to OnlyFans models
Australians working side hustle jobs are set to get a rude tax bill as the government cracks down on gig economy roles. The Australian Taxation Office is now directly contacting digital platforms to identify potential income taxpayers - meaning those with a side hustle can no longer hide. CPA Australia, which represents Certified Practising Accountants, warned the ATO's new sharing economy reporting regime was targeting everyone from social media influencers to food deliverers. Jenny Wong, the group's tax lead, said this meant Australians doing gig economy jobs with the likes of UberEats, DoorDash, Airtasker, YouTube and even OnlyFans risked a big tax bill if they failed to declare their income from these platforms. 'Until this year, individuals have been required to self-declare the income from their side-hustles,' she said. 'Now nothing will go under the radar. If you deliver food with DoorDash, work some casual jobs through Airtasker, or make content for Patreon, YouTube or OnlyFans, these sites are now reporting your earnings to the tax office. 'Though people might not consider earnings from digital platforms as income in the same way as their regular job, it is all viewed the same way by the ATO. 'Chances are that many people have simply not been declaring this income at tax time. That all changes now.' Ms Wong said the tax office was also targeting those who rented out items online. 'If you use a website to rent out a car parking space or your designer handbag, this income will be recorded, and you'll need to pay tax,' she said. The tax office's sharing economy reporting regime is expanding, meaning it will now be aware of all income earned from gig economy jobs in the 2024-25 financial year, above the $18,200 tax-free threshold. 'So, if you've had a successful year earning money through advertising revenue and streaming subscriptions, as well as through gifts and gratuities, the ATO will be expecting you to cough up,' she said. 'Yes, this even includes free cars, holidays, clothes and anything else you're lucky enough to receive as a form of payment. 'Depending on how much you've earned during the year, this could be a significant amount, maybe even tens of thousands of dollars.' What can be claimed on tax? Australian workers can claim items worth up to $300 in one financial year if they are used exclusively for work purposes, including a handbag used to carry a laptop computer and home office furniture. But H&R Block's director of tax communications Mark Chapman said these items had to be used to generate an income. 'Let's be clear: to claim items like bags or sunglasses, they must be used in the course of earning income; and if there's any personal use, only the work-related portion can be claimed. And as always, records are essential,' he said. 'Items of capital equipment (such as furniture, computers and associated hardware and software) which cost less than $300 can be written off in full immediately.' Australians working from home can claim 70 cents an hour on their tax, as a fixed rate claim method, provided they had proof since July 2024, in the form of diary entries, rosters or time sheets. Purchases made before June 30 can also be claimed as a tax deduction. 'With many retailers running end of financial year specials, any purchases you make now can be deducted in this year's tax return so from a cash flow point of view, you can minimise the time between purchase and tax deduction,' Mr Chapman said. What's the biggest misunderstanding about tax claims? Tax planning accountant Ben Johnston, a director of Johnston Advisory, said he had encountered many Australians during his three-decade career who thought the entire cost of a work-related item could be claimed on tax - because of those end of financial year sale campaigns on television. 'The benefits of tax deductions are so overstated where leading into the financial year - Officeworks, Dick Smith, Harvey Norman - all encouraging and really making people have urgency to spend money where it's actually really dumb to spend money to save tax,' he told Daily Mail Australia. 'Our tax system confuses and misleads people to spend money they don't need to just to save tax. 'A lot of people think they spend $10 on stationery and they get $10 back in tax when in fact they might be lucky to get $3.20 back. 'The notion of something being a hundred per cent tax deductible gets confused with being 100 per cent refundable and it's so false and retailers really prey on it.' Mr Johnston said he was frustrated by how many people didn't realise a tax claim simply reduced someone's taxable income. This led to them spending money falsely hoping to save money, even if it didn't necessarily put them into a lower marginal tax bracket. 'A refund's actually a false economy in a lot of ways - a lot of people don't understand that,' he said. 'Someone earning $200,000 a year - the most they get back out of that $10 is $4.70. 'If you're an apprentice, that hasn't worked a full year or only earned under $20,000, you spent $10, they get no money back because they don't pay tax. 'You only spend money on what you need for work - if you spend money incentivised for tax, then you're stupid; you're only getting a proportion of it back based on what your tax bracket is.'
News.com.au
an hour ago
- Business
- News.com.au
ASX slip on banks and miners in Friday training
Gains in the healthcare sector were offset by falls in the big four banks and major miners, with the local market falling for its fourth consecutive trading day on Friday. The ASX 200 dropped 18.20 points or 0.21 per cent to 8,505.50 on a quiet day of trading. The broader All Ordinaries slipped 17.90 points or 0.20 per cent to 8,723.50. Australia's dollar traded down against the US dollar and is now buying 64.83 US cents. On a mixed day for investors, strong gains out of the utilities and healthcare sectors were offset by falls from the big banks and miners. CSL shares jumped 0.63 per cent to $240.21, Pro Medicus gained 1 per cent to $276.81 and ResMed added 1.40 per cent to $39.16 on a strong day for the healthcare sector. Commonwealth Bank fell from a record high close on Thursday, down 0.2 per cent to $182.53. National Australia Bank slipped 0.5 per cent to $38.91, while Westpac came off 1.1 per cent to $33.21 and ANZ dropped to 2.5 per cent to $28.39. It was a mixed day for the big miners, with BHP eking out a small gain up 0.22 per cent to $36.21, while Rio Tinto fell 1.33 per cent to $102.17 and Fortescue dropped 0.54 per cent to $14.69. Overall five of the 11 sectors closed higher despite the market falling. On a reversal of trade in recent days, the price of oil and gold fell after the White House said US President Donald Trump would decide on strikes on Iran 'within the next two weeks' alleviating fears of an immediate escalation in the Middle East crisis. The price of crude oil futures fell 2.9 per cent to $US76.50 a barrel on the news, while gold futures also dropped 1.4 per cent to $US3,362 an ounce. AMP head of investment strategy and chief economist Shane Oliver said stocks remained at 'high risk' of a pullback as markets grappled with multiple economic concerns. 'Global and Australian shares have seen a strong rebound from their April lows – but they remain at high risk of a sharp near term pull back as the risk of an oil supply disruption flowing from the war with Iran is high and Trump's tariff threat is far from resolved,' he said. 'On the tariff front it is notable that the 9th July tariff deadline is rapidly approaching and no deals have been struck beyond that with the UK, with indications that some countries may end up with tariffs well above 10 per cent.' In company news, Pointsbet Holdings announced a temporary pause in trading. It comes as rival sports wagering company Betr announced a renewed takeover bid in what it is calling a superior proposal for Pointsbet compared to Japanese gaming giant Mixi. Web Travel shares are in the red down 0.44 per cent to $4.50 after announcing former Virgin Australia chief executive Paul Scurrah and JB Hi Fi director Melanie Wilson would be joining the board as independent non-executive directors.
Reuters
an hour ago
- Entertainment
- Reuters
Australia's Super Netball goes global in deal with Whoopi Goldberg's AWSN
SYDNEY, June 20 (Reuters) - Australia's Super Netball league will be broadcast to more than 65 countries over the next three years after Netball Australia struck a deal with Whoopi Goldberg's All Women's Sports Network (AWSN), the governing body said on Friday. Netball, one of a few sports created exclusively for women and girls, is the most popular participation sport for females in Australia with Netball Australia estimating there are up to a million players across the country. The professional Super Netball league, which was launched in 2017, has eight teams and 41 of its games, including the playoffs and finals, will now be broadcast on AWSN. "This breakthrough deal puts netball on screens across the globe and cements our place at the forefront of women's sport," Netball Australia chief executive Stacey West said in a statement. "AWSN shares our vision of taking women's sport to new heights. Together, we're creating a platform for our athletes and game to shine like never before." Co-founded by Oscar-winning actor and comedian Goldberg, AWSN was launched late last year as the first global media channel dedicated exclusively to showcasing women's sports. "I am so proud to be thanking you for joining us on AWSN," Goldberg said in a video message to Super Netball released by Netball Australia. "I see that your fans are really loving you, so we want to make sure that we put you everywhere in the world so that everybody knows about you."
CNA
an hour ago
- Sport
- CNA
Australia's Super Netball goes global in deal with Whoopi Goldberg's AWSN
SYDNEY :Australia's Super Netball league will be broadcast to more than 65 countries over the next three years after Netball Australia struck a deal with Whoopi Goldberg's All Women's Sports Network (AWSN), the governing body said on Friday. Netball, one of a few sports created exclusively for women and girls, is the most popular participation sport for females in Australia with Netball Australia estimating there are up to a million players across the country. The professional Super Netball league, which was launched in 2017, has eight teams and 41 of its games, including the playoffs and finals, will now be broadcast on AWSN. "This breakthrough deal puts netball on screens across the globe and cements our place at the forefront of women's sport," Netball Australia chief executive Stacey West said in a statement. "AWSN shares our vision of taking women's sport to new heights. Together, we're creating a platform for our athletes and game to shine like never before." Co-founded by Oscar-winning actor and comedian Goldberg, AWSN was launched late last year as the first global media channel dedicated exclusively to showcasing women's sports. "I am so proud to be thanking you for joining us on AWSN," Goldberg said in a video message to Super Netball released by Netball Australia.
News.com.au
2 hours ago
- Business
- News.com.au
Closing Bell: ASX arrests slide to fall just 0.2pc as utilities sector leads recovery
ASX pulls back from 0.55pc slide to dip 0.21pc Utilities leads recovery, up 0.74pc ASX All Ord Gold index climbs 0.62pc ASX pulls out of tailspin to make up ground While the ASX closed lower today, down 0.21%, it was looking a lot worse around lunchtime, when the bourse was 0.55% in the red. The market managed to put the breaks on its slide, with the utilities (+0.74%) sector in particular providing support, followed by industrials, health care and info tech. Standouts in those sectors included Dimerix (ASX:DXB) up 9.8%, ZIP Co (ASX:ZIP) adding 5.9%, Droneshields (ASX:DRO) up 5.6% and Fluence Corporation (ASX:FLC) jumping 13.8%. The ASX All Ord Gold index (+0.62%) also put in some work, alongside the Small Ords (+0.19%). The ASX lost 0.49% over the last five trading days, now sitting 1.55% off its 52-week high. ASX SMALL CAP LEADERS Today's best performing small cap stocks: Security Name Last % Change Volume Market Cap PV1 Provaris Energy Ltd 0.015 50% 3831208 $6,980,013 E79 E79Goldmineslimited 0.028 40% 2009033 $3,168,253 MOH Moho Resources 0.004 33% 5000 $2,236,242 RNX Renegade Exploration 0.004 33% 521227 $3,865,090 HAW Hawthorn Resources 0.068 28% 634353 $17,755,827 BMO Bastion Minerals 0.002 27% 22379119 $1,419,960 NSB Neuroscientific 0.078 26% 991242 $8,965,502 ALM Alma Metals Ltd 0.005 25% 807408 $6,345,381 AUK Aumake Limited 0.0025 25% 176755 $6,046,718 CUL Cullen Resources 0.005 25% 183700 $2,773,607 FIN FIN Resources Ltd 0.005 25% 100000 $2,779,554 GGE Grand Gulf Energy 0.0025 25% 1458526 $5,640,850 JAV Javelin Minerals Ltd 0.0025 25% 651325 $12,252,298 MEM Memphasys Ltd 0.005 25% 1004099 $7,934,392 HCL Highcom Ltd 0.295 23% 641196 $24,643,841 HAR Harangaresources 0.065 20% 4915026 $11,585,428 MCA Murray Cod Aust Ltd 1.045 20% 124393 $92,023,850 AJL AJ Lucas Group 0.006 20% 356600 $6,878,648 TON Triton Min Ltd 0.006 20% 2099975 $7,841,944 HIQ Hitiq Limited 0.02 18% 3191499 $6,885,382 BAS Bass Oil Ltd 0.027 17% 2429874 $7,345,899 AHN Athena Resources 0.007 17% 6103136 $13,595,742 BGE Bridgesaaslimited 0.014 17% 61111 $2,398,310 NAE New Age Exploration 0.0035 17% 50877 $8,117,734 PGY Pilot Energy Ltd 0.007 17% 4218242 $12,951,960 Making news… Hydrogen compression and shipping solution company Provaris Energy (ASX:PV1) has teamed up with global shipping leader 'K' LINE. K LINE, otherwise known as Kawasaki Kisen Kaisha, will provide technical, commercial and operation support, offering its extensive global shipping expertise as PV1 develops its hydrogen transport and storage model. PV1's main focus is the proprietary H2Neo Carrier and H2Leo Barge, which offer a combination of offshore compression, storage and shipping solutions for hydrogen gas transportation. Bastion Minerals (ASX:BMO) has tapped John Ribbons as company secretary, effective immediately. The appointment follows the resignation of Justin Clyne, who exits on good terms with the board and will make himself available during the transition. Ribbons will fill dual roles, as he already holds the position of chief financial officer for BMO as well. ASX SMALL CAP LAGGARDS Today's worst performing small cap stocks: Security Name Last % Change Volume Market Cap RPG Raptis Group Limited 0.044 -73% 2637660 $56,109,577 CT1 Constellation Tech 0.001 -50% 1542725 $2,949,467 BCB Bowen Coal Limited 0.18 -49% 2933425 $37,715,145 BEL Bentley Capital Ltd 0.008 -33% 7852 $913,535 ENT Enterprise Metals 0.002 -33% 2756 $3,543,952 FTC Fintech Chain Ltd 0.002 -33% 530785 $1,952,309 PKO Peako Limited 0.002 -33% 2925298 $4,463,226 RLC Reedy Lagoon Corp. 0.001 -33% 135000 $1,165,060 SHP South Harz Potash 0.002 -33% 310000 $3,308,186 ADD Adavale Resource Ltd 0.0015 -25% 186313 $4,574,558 AFA ASF Group Limited 0.003 -25% 79842 $3,169,590 ASR Asra Minerals Ltd 0.0015 -25% 577297 $7,983,396 EEL Enrg Elements Ltd 0.0015 -25% 16582818 $6,507,557 VFX Visionflex Group Ltd 0.0015 -25% 199999 $6,735,721 HPC Thehydration 0.01 -23% 4074374 $4,982,912 WEC White Energy Company 0.035 -20% 212 $13,711,276 EXT Excite Technology 0.008 -20% 2685646 $20,726,419 MTB Mount Burgess Mining 0.004 -20% 409514 $1,758,513 OEL Otto Energy Limited 0.004 -20% 3458960 $23,975,049 SKK Stakk Limited 0.004 -20% 5016 $10,375,398 VRC Volt Resources Ltd 0.004 -20% 1463043 $23,423,890 ODY Odyssey Gold Ltd 0.019 -17% 5122049 $20,674,036 GUL Gullewa Limited 0.068 -17% 420322 $17,877,818 HMG Hamelingoldlimited 0.069 -17% 66142 $16,340,625 AMS Atomos 0.005 -17% 1700232 $7,290,111 In the news... Bowen Coking Coal (ASX:BCB) has signalled it's considering placing the Burton Mine Complex operation into a temporary pause if an effort to transition the project to an owner-operator model is unsuccessful. The company is exploring a range of options to fund the transition plan and provide immediate liquidity, but the most recent Resources and Energy Quarterly forecasts falling demand for met coal as low emissions steel production gains pace. Atomos (ASX:AMS) has launched a new employee incentive plan, with over half of the company's roll to be offered defined annual bonuses linked to share price performance. AMS says the incentives are a way to recognise the contributions of staff who worked tirelessly on minimal salaries over the last few years, and aligns employee interests with those of shareholders. IN CASE YOU MISSED IT Pure Hydrogen Corporation (ASX:PH2) has completed the handover of a Taurus hydrogen fuel cell prime mover to Barwon Water, Victoria's largest regional urban water corporation. Legacy Minerals (ASX:LGM) has wrapped up its first drilling campaign at the Thomson project, intersecting wide zones of quartz-sulphide mineralisation. Cyclone Metals' (ASX:CLE) power study has highlighted potential to power the Iron Bear project entirely with renewable energy. TRADING HALTS AIC Mines (ASX:A1M) – cap raise betr Entertainment (ASX:BBT) – off-market takeover offer for PointsBet GBM Resources (ASX:GBZ) – cap raise and board changes Great Boulder Resources (ASX:GBR) – cap raise New Murchison Gold (ASX:NMG) – Crown Prince project approvals update Victory Metals (ASX:VTM) – strategic alliance and funding facility Zenith Minerals (ASX:ZNC) – resource update for Dulcie Far North gold project LAST ORDERS Hillgrove Resources (ASX:HGO) is ahead of schedule on development efforts at the Nugent underground, hitting the orebody at the Kanmantoo copper mine earlier than expected. It's the first development ore produced at the Nugent underground operation, marking an important milestone toward formal ore production.
