myIR, payments and more
It's never too late to do the right thing
It's okay to do jobs for cash or for your mates as long as you record them and declare the income when you're filing your annual tax return. Make sure that:
- you record every job, no matter how big or small
Find out more about keeping good business records
- if you're registered for GST you charge it. You must be registered for GST when your annual turnover exceeds $60,000
- you declare all your income when you file your tax return.
If you're already paying tax on all your income, there's nothing more you need to do.
Know someone who's not playing fair?
You have an important role in keeping your industry fair for all.
If you know someone who is doing undeclared cash jobs you can let us know confidentially.
Putting your past tax returns right
If you've left some income off your tax return it's best to let us know now, rather than wait for us to find out some other way. By making a full voluntary disclosure you may benefit by:
- Not being prosecuted in court.
- Having your shortfall penalty reduced by up to 100%.
Choosing not to tell us may lead to:
- late payment penalties
- shortfall penalties, and
If you need help with correcting your tax returns, please contact your tax agent.
If you'd prefer to talk it through with us, you can make an appointment with one of our Community Compliance Officers - we'll even come to you if you prefer.
Date published: 05 May 2015