Declare all your cash and online sales in your tax return. Income may also include money you have earned from participating in the sharing economy such as renting out a room or driving passengers for a fare.
DON’T MISS OUT ON DEDUCTIONS
You can claim tax deductions for most costs you incur while running your business, such as operating expenses like stationery, wages and equipment. If your home is your place of business, you can claim the business use portion of some expenses. You can claim a deduction for most expenses you incur in running your business as long as they are directly related to earning your assessable income, but there are exceptions.
For example, you cannot claim deductions for private or domestic expenses. Entertainment, fines and some other expenses are also specifically excluded. You can generally claim operating expenses (such as office stationery and wages) in the year you incur them. However, you typically claim capital expenses (such as buildings, machinery and equipment) over a longer period of time. The rules for business income and deductions vary depending on your business structure, whether you hold and sell trading stock, and the nature of your income and expenses.