I've made 3k from doing research studies/surveys this year, is this taxable?
I am not sure whether we need to report this to the ATO. Is it considered taxable income, as I don't work for anyone doing these studies, and I pick the ones I enjoy?
If I don't report, is that fine, or does this need to be reported?
Also, what would happen if I do report, but technically I wasn't meant to? Will the ATO let me know that I should not have reported it, and provide me a refund for over-reporting? It took me a long time to earn that 3k, so to need to pay tax on top of that seems unrealistic, and I will not be doing more of them next year if we needed to pay tax on it.
I am 19 and earned 30k this year, excluding the surveys, so I am above the tax-free threshold. I was wondering whether the 3k I've earned from doing the studies is taxable? I make less than minimum wage doing them. Any expertise on this would be appreciated, as I do not want to get in trouble with the ATO.
Also, if I don't report it, as I genuinely believe it's a hobby, and I am not employed completing them, but technically I was meant to, would I get fined by the ATO or would they tell me to just amend my return ? I want to report it, if I am meant to report it. However, I do not want to report it if we are not meant to, as if I report it and I wasn't meant to, will the ATO let me know that I wasn't meant to and provide me a refund for reporting it and paying tax on it, or will they not mention anything about it and keep my money? I hope that makes sense.
If anyone has been in my scenario before, please let me know how to approach this. Thanks!