Latest news with #sideHustle
Daily Mail
15 hours 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
3 days ago
- Business
- News.com.au
ATO's dragnet: Millions of side hustles face shock tax bill
The tax office now sees everything you earn from Airbnb, Uber, OnlyFans and property investments – and their AI system is ready to flag thousands of Aussies side hustlers who don't declare it all. New reporting regimes will see the Australian Taxation Office have its strongest indication yet in 2025 of individual's sources of wealth across a dozen different types of third-parties including online marketplaces, cryptocurrency providers and share economy providers – with AI data-matching expected to flag all discrepancies. The ATO's new system can now see transactions as small as a $50 car space rental, a $100 Airtasker job or a weekend Airbnb rental – and match them to names, birth dates, and tax file numbers. Govt pays $3.3m for unliveable derelict house CPA Australia tax lead Jenny Wong said the gig economy was now reporting incomes directly to the ATO which could see some in for a shock bill this year. She warned anyone who doesn't report money earned through online platforms and pay tax on those amounts risked an amended return, extra tax bill and penalties. 'Until this year, individuals have been required to self-declare the income from their side-hustles. 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.' The data-matching warning applies right down to even renting out a car space for a night, let alone a spare room or your investment unit. 'These rules apply to a broad range of services, not just the most well-known. If you use a website to rent out a carparking space or your designer handbag, this income will be recorded, and you'll need to pay tax.' Culture Kings founders' bold $30m push Property investors will face the highest scrutiny under the new system, with the ATO now cross-referencing not just data from bank accounts, property managers and insurance companies, but also those off rental platforms and sharing economy apps. 'You can claim an immediate deduction for some expenses in the income year you incur them provided your property is rented or genuinely available for rent,' an ATO statement said – though the cost must be paid by you not your tenant or someone else and you must keep adequate records for evidence. Ms Wong reserved the biggest warning influencers and those who have had a strong year of earning activity through sites like YouTube and OnlyFans, and said influencers have an obligation to declare any gifts and gratuities received as a form of payment. 'You must pay tax on income you earn above the tax-free threshold of $18,200,' she said. '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. Yes, this even includes free cars, holidays, clothes and anything else you're lucky enough to receive as a form of payment.' Those amounts due to the tax office could run into the tens of thousands, she warned, 'depending on how much you've earned during the year'. This as ATO warned wild claims and missed income declarations were in its sights this tax return season. Among the areas in the hunt were interest and investment income, employment income, government payments, capital gains tax from the disposal of shares and property, employment-related foreign source income, taxable government grants and payments, payments made to contractors in the building and construction industry, private health fund information and distributions from a favoured source for many investors: partnerships, trusts and managed funds. CPA Australia's tips for gig economy workers: - Declare all income: Ensure that all earnings are reported in your tax return, regardless of the amount or frequency. This includes gifts and gratuities. - Maintain accurate records: Keep detailed records of income and expenses to support your deduction claims. - Understand your obligations: Familiarise yourself with your tax requirements, including ABN registration and GST obligations if applicable. - Seek professional advice: Consider consulting a professional tax agent like a CPA to navigate your tax affairs and ensure compliance.
RNZ News
13-06-2025
- General
- RNZ News
The Quail Kid - cracking the egg market aged 12
rural farming 15 minutes ago Hamish Sturgeon is only 12 but he's on his first farming venture rearing quails for their eggs. They're healthy, delicious and it's a fun side-hustle keeping the cute little birds fed, watered and healthy, he says.
Daily Mail
01-06-2025
- Business
- Daily Mail
I'm a full-time Vinted reseller who has earned £18,000 from flogging cheap clothes online - here are my top tips on how to become successful on the platform
A secondhand online clothes seller who has made thousands of pounds on Vinted has revealed her top tips for sales success. Maisie, who is from Yorkshire, searches cat boot sales, charity shops and online pre-loved websites for cheaply-priced garments with a high resale value. Although it started off as a side hustle, Maisie made reselling her full time career last year after earning £18,000 from flogging clothes. Now, she has helped others by telling them how they too can make a wage from the app - and according to her, it's very simple. Maisie said: 'I absolutely love buying on Vinted to resell on Vinted. It's so easy and it just goes to show the difference that a good quality picture with good lighting and a good background can honestly make.' She says that you should always list similar clothes sizes at the same time on Vinted, as people may browse your page and find other items that they like, resulting in more sales. 'They're more likely to get their money's worth by buying a bundle from you so it will boost your sales and your profit at the same time,' Maisie added. 'You're only having to ship out one parcel and the buyer is only having to pay one lot of postage and fees.' Masie has made £18,000 from selling on Vinted so far and has now made reselling her main job Maisie said wannabe sellers also have to be careful about how they draft listings on Vinted - as sometimes a post can appear as though it was shared earlier than it was. In another clip, the reselling expert explained: 'If you draft something and then a week later you decide to hit live and publish it, it won't show as a new listing. It will show when you drafted it, which was a week ago. 'It will come up older in the listings, it won't show up at the top, it will show up as being a week old which will affect how people are looking at your listings because a lot of people will search for newest first.' Recently, Maisie revealed how she sold a dress for more than four times what she paid for it. She purchased a WoolOvers boho linen dress for just £3.30 on Vinted as part of a bundle from a seller. Maisie then ended up reselling it on eBay for a whopping £20.46. She also has her own system so she can find the items she has listed quickly and get them shipped off to the buyer 'If you're not keen on getting out to car boots or charity shops or you just don't have the time, get on Vinted,' she said. 'Then, get this stuff delivered to your door, take better photographs, and list it back on Vinted!' This video racked up many comments from other impressed Vinted sellers who praised Maisie on her sales success. One wrote: 'Amazing flip!! I've just started reselling too!! Sometimes it is just a case of taking better photos too!!' Another said: 'That's amazing,' to which Maisie responded: 'Magic of photography eh!' Many other Vinted sellers have praised Maisie for sharing her clever tips and tricks on how to sell clothes for a profit A third penned: 'Thank you! I love watching your videos.' She also has her own system so she can find the items she has listed quickly and get them shipped off to the buyer. In another video, Maisie explained how she had bought clear plastic bags and used stickers to number each one. She then puts an item into a bag with a designated number once she has listed it and puts the number in her post, so it reminds her which bag it is in. 'It's going to make life so much easier and it is so satisfying coming in and doing ten listings and then putting them into bags,' she said.
Fast Company
21-05-2025
- Business
- Fast Company
Gen Z is willing to sell their personal data—for just $50 a month
Rather than clocking in at a Saturday job or selling old clothes for quick cash, Gen Z has another side hustle up their sleeve: selling their personal data. To take advantage of the nearly seven hours a day Gen Z spend on their phones, a new app called launched by youth polling company Generation Lab, is now offering to pay young people for their scrolling time. By installing a tracker which monitors what they browse, buy, and stream, Verb creates a digital twin of each user that lives in a central database. From there, companies and businesses can query the data in a ChatGPT-like interface, and get a more accurate picture of consumer preferences than they would get even from a room full of Gen Zers. 'For decades, market research has been the equivalent of a doctor asking a patient to describe their symptoms. Verb is an MRI machine,' the company's pitch deck says. And Verb is willing to pay. 'We think corporations have extracted user data without fairly compensating people for their own data,' Cyrus Beschloss, CEO of Generation Lab, said per Axios. 'We think users should know exactly what data they're giving us and should feel good about what they're receiving in return.' Verb's maker, Generation Lab, was founded in 2016 and is based in Washington, D.C., according to the company's LinkedIn page. It currently has 6 employees listed on the company's official website. The broader global data broker market, meanwhile, is expected to grow in the next few years, reaching a projected $561.538 billion by 2029, up from $389.765 billion in 2024. In return for their personal data, Verb pays $50 or more per month to the user, depending on activity. For Gen Zers, it's a fair enough deal for something they are likely doing anyway. About 88 % of Gen Zers report being willing to share some personal data with a social media company, compared to just 67% of older adults. That is provided they are fairly compensated either with cash or a personalized social media algorithm, a 2022 Euromonitor International study found. A generation filled with contradictions, Gen Z is at the same time still taking protective measures with their data. They are clearing cookies, using anonymous browsers, and encrypting their communications twice as often as other generations. However, they also are more likely to agree with the statement, 'I don't mind being tracked by websites or apps,' compared to older generations, according to a 2023 survey from the cybersecurity company Malwarebytes. The extent of Gen Z's willingness to share personal data was apparent during the still-ongoing regulatory scrutiny of TikTok over data privacy concerns in China. Case in point: the 'Goodbye to My Chinese Spy' trend that took off as the possibility of TikTok being banned in the U.S. loomed earlier this year. 'Sending Xi Jinping a data care package because he's taken better care of me than the US government ever has,' read the text over a TikTok video of an envelope addressed to the president of China. 'To my (alleged) Chinese spy – nobody knows me like you, babe', another TikTok user posted.
