Addding PAYE income to calculate expected GST
Hi, Hoping you can help. Bit of a noob of the system. I have a 'day' job with pays PAYE. I have a side income which I'm trying to work out how much tax I have to pay back in my GST return. Al...
Forum Discussion
Hi Mike,
Thanks for the quick reply.
Sorry, I probably wasn't being very clear. I understand that I can't pay extra PAYE.
Using the MYOB application, I've recorded my self employment income and expenses for the side job. Because it's not a great deal, the GST report is showing an incorrect low amount of tax I need to pay. What I wanted to do is in someway show I have another source of earning (Where i've already paid the tax contiributions through PAYE) so the self employment income can be taxed correctly at a higher bracket.
Does that make more sense?
Cheers
Bobby
Sounds like you are using the AIM method with the GST return. You wouldn't be able to include your PAYE income in this as well - as the system is not designed for that. You would be better to put an amount aside for tax, or even pay the tax using WT (withholding tax) you could calculate manually to the IRD to end up in credit with them - then when you lodge your IR3 tax return for your self employed income, then this will take into account all income, less tax alredy paid (both PAYE and WT) and leave you with the balance to pay or refund.
