What is PAYG?

Q: What is Pay As You Go (PAYG). I owed my previous year’s return and now I have to pay installments. What exactly does this mean? In Australia, PAYG (Pay As You Go) is a tax system ensuring timely payment of income tax. If you owed in your previous return, the ATO may require you […]

Declaring Cash Payments

Q: Do I have to declare to the ATO all cash payments I receive for jobs? The simple answer is yes. If your employer or client as a self employed person pays you in cash, you need to declare it. It’s the law, and it’s the right thing to do. At Figure It Out we […]

Figure It Out – Catch up Accounts

Q: I haven’t lodged my tax in 10 years or so. How can I clean this mess up without getting into trouble with the ATO? Feeling overwhelmed by a decade of ignored taxes does not have to result in sleepless nights. At Figure It Out Accounting, doing catch up accounts if you have fallen behind […]

OnlyFans & Tax

The rise of social media and online platforms, such as OnlyFans, YouTube, Instagram, Patreon, or Twitch, has opened up wonderful new ways for creators to earn or supplement their income. Still, it’s essential to understand your obligations as a taxpayer. According to the ATO, the income you receive from your online content is defined as: […]