Money Management

3 ways to make extra money in your spare time

Whether you’re saving up for a new car or an overseas holiday, sometimes all you need is a bit of a boost to your income.

Thankfully, these days there are plenty of ways to do just that. Here’s three ways that you could start making money today:

1. Selling items online

There are two benefits to selling items on online platforms like eBay and Gumtree. Firstly you can make some serious coin, especially if you have items that are considered antiques, vintage or come with a designer brand. And secondly, it means a serious home declutter.

So, if you’re looking to make some extra money, have a look around your home for items you can potentially sell. Make sure they are in a good condition, and when you create your listing see what comparable items cost and set a similar price.

2. Complete a task for a stranger

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Online platform Airtasker allows you to complete jobs for other Aussies in your spare time. As we speak, jobs are being listed that include assembling furniture, house cleaning and garden maintenance. Basically the people who are listing the jobs don’t have time or means to do these tasks themselves and are willing to pay you do it – an easy way to make cash on the side, right?

There are also other websites like Fiverr and OzLance too, if you would like to freelance your skills out like graphic designing, video animation, web developing, content writing and more.

3. Become an Uber driver

Joining the Uber community can be a good option if you want to make some extra income on the side outside your normal 9 to 5 hours. There are a few requirements you’ll need to meet, such as:

  • Be over 21
  • Have a full driver’s licence
  • Have valid insurance on the car under your name

For a full list of requirements, you can check out Uber’s website.

But the best part of this job is you can set your hours, and make it work for you. No pressure and no deadline.

What about the tax considerations?

Making extra cash on the side is a great way to get you part of the way to where you want to be, sooner. However as with any job, you’ll need to consider the tax implications. For instance you may need to:

  • Create an Australian Business Number (ABN)
  • Register for GST

It’s a wise idea to have a chat with a tax professional before you sign up with one of these platforms, to make sure all the boxes are ticked.

And of course keep any receipts and invoices that relate to the work you do on the side, as they may be tax deductible. For instance, if you become an Uber driver you may be able to claim some of your car expenses related to transporting your passengers.

Insuranceline is not authorised to provide tax advice, it is important to obtain advice from a qualified tax professional.

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