Paying tax as a minor? (1 Viewer)

[sachin_]

I'm under 18 and I want to do some little online side hustles to earn a few bucks (something along the lines of print-on-demand, or other online services)
If I do, would I have to pay tax? I've never paid tax and idk how or why i should..

 

[Socialism]

i don't think so? do you have a tax file number?

i'm pretty sure if you earn under a certain amount a year you don't ahve to pay taxes

 

[sachin_]

do you have a tax file number?

nah

i'm pretty sure if you earn under a certain amount a year you don't ahve to pay taxes

yeah thats what i was thinking but also this one ato article i saw mentions u gotta pay tax if u earn over $400 as a minor, but then idek how to file as a minor

 

[spiderfan44]

nah


yeah thats what i was thinking but also this one ato article i saw mentions u gotta pay tax if u earn over $400 as a minor, but then idek how to file as a minor

the $400 thing only applies to investment income, if you earn under 18,200 you dont need to pay tax. if you have a savings account you earn interest from you should do a tax return. banks will usually withhold the interest you earn at the highest tax rate until you provide them with your tax file number. to claim back that withheld tax you need to fill out a tax return, then the government will send u that money back, then once youve provided the tfn the bank will stop withholding.

 

[spiderfan44]

the $400 thing only applies to investment income, if you earn under 18,200 you dont need to pay tax. if you have a savings account you earn interest from you should do a tax return. banks will usually withhold the interest you earn at the highest tax rate until you provide them with your tax file number. to claim back that withheld tax you need to fill out a tax return, then the government will send u that money back, then once youve provided the tfn the bank will stop withholding.

applying for a tfn is pretty easy, and my last tax return toke all of 10 minutes to fill out online

 

[lunaaaa4403]

guys, i still don't know how to do my tax returns. 500 bucks i don't even know how to get back