If I’d like personalised help, what do I get?
Over an hour we ask you what you want to achieve; are you targeting a level of income? We seek to understand your interests, assets relevant to income generation, the time you have available, work background and any constraints.
We present ideas for you to respond to and listen to what you like and don’t like about them. We together identify a short list of opportunities to move forward with.
After the session, we follow up with a strategy document that provides details of how to get started with each of the opportunities on your short list and how to maximise the income earned from them.
The cost of the session is $200 including GST and is tax deductible against the income earned¹. We can meet at a location comfortable for you or we phone you and email you information that we go through together. It is easy to set up a meeting.
Where would we meet?
Face-to-face meetings are generally held in Sydney CBD. If you aren’t in Sydney, we use video or phone.
What is the geographic coverage of IncomeConnection?
IncomeConnection is available anywhere in Australia. It is intended for Australian residents and citizens.
How much can I earn?
It depends on you, your situation and what you want to do. The best way to maximise your income is to take a portfolio approach and draw your income from multiple sources. Use $30,000 to $50,000 is a starting guide. Obviously if you have sought-after skills, your earning potential is much higher.
How do I get paid?
After you have provided a service via one of the on-demand sharing economy platforms, generally the payment is transferred within 1-3 business days or on a designated day each week. Payment is to your bank or PayPal account. Fast payment is one of the benefits of the on-demand sharing economy. For some platforms, you are paid in cash immediately after providing the service.
Do I need to have an ABN?
It varies depending on the option, with the majority requiring an ABN. If you do not want an ABN, mention this when you speak with us.
What about insurance?
The provision of insurance and the type of insurance varies by platform. We can show you what’s available and we’d recommend that you discuss your plans with your insurer to ensure there aren’t any gaps.
What are the risks of not being paid?
The benefit of working through a platform is that the risk of not being paid is greatly reduced. These are the reasons why. Firstly both the client who uses your services and yourself set-up profiles (and for some platforms everyone goes through a verification process). No one is anonymous. Secondly, people on the platform are rated by the people who do business with them, which encourages them to be nice to each other. Thirdly the platform acts as an intermediary between you and the client, so if there is a dispute, there is an independent third party to adjudicate. But still, like everything in life, you still need to use your good judgement and of course, read the platform’s terms and conditions.
What about tax?
The Australian Tax Office has some helpful information about tax and the on-demand sharing economy. The individual platforms also have information about the application of tax to users of their platforms which we can show you when we meet. If in doubt, ask your accountant or tax adviser.
What does ‘on-demand’ mean?
A market place that occurs when a service is available ‘on-demand’. Technology brings everyone together so the transactions can happen. In your mobile phone, you can see that customers are offering work, but you have the flexibility to choose whether to do it or not. The benefits are that you can set your own hours and pick and choose the work you want to do. Of course the trade-off for this flexibility is that it’s not regular employment.
How is sharing my stuff good for the environment?
You may have heard that the average power drill is used only 12 minutes during its lifetime or that a privately owned car is only used for 5% of its lifetime² When we share our belongings, it means that the earth’s resources can be better spent rather than making things that are rarely used.
How is the ‘sharing economy’ good for the community?
By providing services to or sharing your belongings with people in your community you are building connections between people. You deal directly with people in your community, rather than a big business. You are also helping to make your neighbour’s lives easier, for example by sharing your car out when you’re not using it, you’re helping your neighbours live without a car or avoid having a second car. Communities with more connections are stronger and more resilient. So if our community does face a difficult problem, like a bushfire, our connections, will make us more resilient in dealing with the problem.
Why is the sharing economy growing so fast?
Technology is making it easier for new marketplaces to be created. Services that used to be high touch, opaque and slow to deliver (hence expensive) are now fast and efficient, thanks to technology. This creates a better experience for the consumer and also the person providing the service. Australia has a supportive start-up community with new businesses starting up all the time, so IncomeConnection’s research is discovering new options for earning an income all the time. It’s incredibly exciting.
If we didn't answer your question, email us at email@example.com.
¹We recommend speaking with your accountant or tax adviser about your individual circumstances.
²Source: Brookings ‘The Current and Future State of the Share Economy’ 2016