HELP repayment thresholds and rates 2011-12 2011-12 HELP repayment income (HRI*) Repayment rate Below $47,196 Nil $47,196-$52,572 4% of HRI $52,573-$57,947 4.5% of HRI $57,948-$60,993 5% of HRI $60,994-$65,563 5.5% of HRI $65,564-$71,006 6% of HRI $71,007-$74,743 6.5% of HRI $74,744-$82,253 7% of HRI $82,254-$87,649 7.5% of HRI $87,650 and
I recently Googled to see what was out there on the subject, and was shocked at what I found. There seemed to be a lot of information, but many of the facts are so often lost in the stories told.
Lets dispell a myth first: there is no dollar threshold that constitutes being in business as an artist.
So how do you determine that you are conducting a business? The following indicators must be considered when determining whether you are carrying on a business; Whether the activity has a significant commercial purpose or character; this indicator comprises many aspects of the other indicators;
Mature age worker tax offset, is for Australian residents for tax purposes who are 55 and over and are working. The tax offset is calculated on the net income that has been derived from working. Working usually requires an effort or skill that can be used to produce an income.