In this digital age, the ATO is stepping up its game and bringing the world of “side hustles” under its watchful eye. From the flourishing gig economy to creative content creators and influential personalities, various modern money-making avenues have caught their attention.
Understanding the complexities surrounding income from side hustles can be challenging, especially when juggling multiple endeavors. That’s why the ATO has prepared some valuable tips to help you navigate this evolving landscape effectively. Let’s dive in:
1️⃣ Are You “In Business”? Determining whether you’re considered “in business” is the first step. If you fall into this category, it’s crucial to understand registration and tax obligations that come along with your entrepreneurial pursuits.
2️⃣ Setting Yourself Up for Success For those looking to start a side business, setting a solid foundation is key. Get the guidance you need to kickstart your entrepreneurial journey and ensure you’re on the right track from the get-go.
3️⃣ Embracing Directorship? Get Your Director ID If your side hustle leads you to become a company director, don’t forget to apply for a director identification number (director ID). It’s a simple and free process that helps you stay compliant in your new role.
Need expert assistance in navigating the intricacies of your side hustles? Look no further! Our dedicated team is here to support you every step of the way.
Reach out to our office today to ensure your side hustles are on the right path.
Let’s turn those passions into profitable ventures!
#SideHustlesUnleashed #ATOOnTheRadar #EntrepreneurialJourney #YourAccountingPartner
