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Thread: How much tax to put away?

  1. #1
    Member MowMan's Avatar
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    Mar 2008
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    Default How much tax to put away?

    Hi Everyone,

    Running a part time lawn mowing & property maintenance business. How much tax should I be putting away for the tax man?

    Is there an easy way to calculate it?

    Someone told me that I will get taxed 50% because it is a second job?

    Thanks
    Ben

  2. #2
    Senior Member Bgs's Avatar
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    Sep 2007
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    Default Re: How much tax to put away?

    If you are talking about income tax I believe you will be taxed on your total taxable income, If you go to the Ato website you can use a tax calculator. http://www.ato.gov.au/individuals/co...tent/26030.htm

    work out the taxable income from your part time business which is the nett income you received after expenses add this amount to the amount you received from your employer which will give your total taxable income

    and have a look here at the tax rates for individuals to see how much tax is payable.
    http://www.ato.gov.au/individuals/co...tent/12333.htm

    If all else fails make an appointment with a qualified accountant as they will be able to give you the best advice.

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