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At Gleeson & Partners we appreciate the individuality of people and businesses and are committed to providing solutions tailored to suit your particular situation. We work alongside you to solve problems that arise and help you reach your financial goals.

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ATO Reminds Side Hustlers of their Tax Obligations 


The ATO has reminded taxpayers of its close attention on undeclared income from secondary work, including the sharing or "gig" economy this tax time.

The ATO has sought to clarify the confusion about when these side hustles become side business and taxable.

A person receiving payments for the side hustle services, irrespective of whether they are employees, independent contractors, carrying on a business, or none of these, need to report their income - even if it is a one-off. The Pay As You Go Instalment system help individuals set aside tax payments throughout the year to avoid bill shock.

Direct earnings from a side hustle can be claimed as deductions for expenses incurred upon providing receipts. However, only work-related part of expenses can be claimed as deductions. It includes the cost of managing tax affairs through a registered tax agent. Food delivery riders can claim some of their bike costs but cannot claim their personal riding expenses.

A person needs to consider their additional tax obligations, including the need for an Australian Business Number, registering for GST, implementing a record-keeping system to track income and expenses if the side hustle becomes a side business. They also need a plan for paying tax on their business income when they lodge their activity statements and annual tax returns and may seek advice from a registered tax agent.

Share investors who reinvest their dividends or distributions are generally required to still declare this income in their tax returns, despite not having received any money. The ATO analyses data collected from ASIC, brokers and share registries to identify taxpayers that are not fully disclosing income or incorrectly claiming losses.

With the onset of micro-investment platforms and exchange traded funds, first-time share investors should check the data that is prefilled in their tax returns, to ensure all relevant information is included so as to avoid tax refund delays. Exchange traded funds also provide investors with a distribution statement showing capital gains and losses which are to be included in tax returns. In order to deduct capital losses from shares, the share must have been sold, as deductions are not available for "paper losses" where only the value of the share has fallen but the investor still holds the share. Share investors should also keep good records of their trades and expenses incurred.

The ATO has extended its lifestyle assets data matching program from, allowing it to access insurance policy information for certain classes of assets. The data matching program focuses on certain assets where the value is equal to or above the following thresholds: marine ves