The tax realities of making a side hustle work

Each week the NZ Herald and Newstalk ZB's Cooking the Books podcast tackles a different money problem. Today, it's how to stay ahead of the tax man if you're side hustling, or self-employed. Hosted by Frances Cook.<br /><br />One good way to grow your wealth can be to start your own business.<br /><br />Whether you're starting out with a side hustle, or jumping straight into it by launching a full-time business, it's a move that pays off for a lot of people.<br /><br />That's because if it works, you're not limited to your salary – your wealth grows as the business does, and you could even sell the whole thing one day.<br /><br />But all of that will backfire if you make an enemy of the taxman.<br /><br />Even when the IRD is trying to be helpful, it can be hard to figure out what to do, when, and how to file it.<br /><br />Not to mention, can you get any money back from them?<br /><br />For the latest Cooking the Books I talked to Hnry co-founder James Fuller. We discussed what your tax obligations actually are, common traps, and the changes the tax system has gone through recently. <br /><br />If you have a question about this podcast, or question you'd like answered in the next one, come and talk to me about it. I'm on Facebook here <a href="https://www.facebook.com/FrancesCookJournalist/" rel="noopener">https://www.facebook.com/FrancesCookJournalist/</a> Instagram here <a href="https://www.instagram.com/francescooknz/" rel="noopener">https://www.instagram.com/francescooknz/</a> and Twitter here <a href="https://twitter.com/FrancesCook" rel="noopener">https://twitter.com/FrancesCook</a>