Declare it all. Or risk everything.Tradies who do undeclared cash jobs can be hit with tax penalties, or criminal convictions that could lead to prison – costing them their business and their income.
Doing jobs for cash or for your mates is okay - 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 register for GST when your annual turnover is more than $60,000
- you register your employees
- 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.
Get in touch with us today if you need help with this.