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The Forbes Advisor editorial team is independent and objective. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive payment from the companies that advertise on the Forbes Advisor site. This comes from two main sources.
First, we provide paid placements to advertisers to present their offers. The payments we receive for those placements affects how and where advertisers’ offers appear on the site. This site does not include all companies or products available within the market.
Second, we also include links to advertisers’ offers in some of our articles. These “affiliate links” may generate income for our site when you click on them. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor.
While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.
The comparison service on our site is provided by Runpath Regulated Services Limited on a non-advised basis. Forbes Advisor has selected Runpath Regulated Services Limited to compare a wide range of loans in a way designed to be the most helpful to the widest variety of readers.
As the cost of living continues to climb, millions of Australian households are looking for ways to cut back. But spending less isn’t the only way to boost your bank balance. With remote, or partly remote, working becoming the norm for many, there are plenty of ways to earn a little extra cash from the comfort of your own home.
Before you start earning some additional cash, it’s important to understand that any additional income will be taxed accordingly by the Australian Taxation Office (ATO).
If you take on additional work through an agency, second employer or as a freelancer with an ABN, you can nominate to claim the tax-free threshold of $18,200. This means that the first $18,200 you earn will be tax-free, thereby reducing your bill come tax time. You can nominate the employer from whom you would like to claim the tax-free threshold, which is usually the payer whom you earn the most income from.
However, if you do not plan to earn more than $18,200 a year in total then you can opt to claim the threshold from each and every payer.
Visit the ATO site for more information on the tax implications of second jobs.
If your driveway or car park is empty for most of the day, renting it out through websites like Parkhound, Parkable AU, and YourParkingSpace could be an easy way to boost your income. Your space doesn’t have to be available all the time, although the most popular spaces are the ones that allow 24-hour access.
Parkhound claims that owners can make up to $300 per month for renting out their driveway and up to $450 per month for an indoor or lock-up garage.
Earnings are likely to be higher the closer you are to transport links, shopping centres, attractions or hospitals. Parkable Australia, for example, estimates that car park renters on the fringe of the CBD, can earn up to $1232 per month or $14,784 per year per space.
If you don’t have a driveway to spare, renting out your home’s unused storage space could be another lucrative option. In Australia, you can use sites such as Spacer or SpaceOut to list your extra storage, which may come in the form of a storage cage or unit, shed, spare bedroom, carport or even a garage (see above). It’s free to list on the Spacer site, which then adds a fee to handle payments and adds it on to the price you set for your space.
Before renting out your storage space, contact your home insurance provider to check your existing cover will still be valid and if you will be covered if a renter causes damage. If you live in a unit or a villa, check to see whether the body corporate allows for this type of arrangement.
As the name suggests, passive income refers to income that—after an initial investment of time, money or resources—can generate an ongoing, steady cashflow with relatively minimal effort and monitoring.
Examples of passive income include asset sharing (such as renting your house and car which we cover in points 1, 2, 6 and 7), and asset building (such as creating your own revenue streams which we cover in points 8 and 10).
Another way to generate a passive income is to put your money (if you have any spare) to work – such as depositing in savings accounts or investing on the stock market. You can find out more about this aspect of passive income with our guide.
Just bear in mind that, as with any investment, your returns can go down, as well as up. Also that, income tax will typically be payable on passive income, so speak to your tax agent or financial adviser.
Getting rid of clutter at home can be a great way to reduce stress. It can also be a tidy little earner if you successfully sell any items online. In fact, research from online marketplace Gumtree estimates Australians could make an average of $5800 per household by selling about 19 unwanted items — be it a chair, fridge, clothes or tech equipment.
When you list an item for sale on eBay in Australia, you only pay to list if you choose a premium upgrade, such as being listed in more than one category. Sellers generally are billed with one final value fee for items you sell on eBay, calculated as a percentage of the total sale amount per item (item price + postage and handling charges), plus a fixed charge of $0.30 per order.
Once you’ve created an eBay account and completed verification, you can create a listing straight away.
Alternatively, you can sell on Facebook Marketplace or Gumtree.
If you’ve got a drawer full of unused gadgets – think mobile phones, tablets and computer games – find out how much you could earn by recycling them or selling them to second-hand shops, such as Cash Converters, or to online marketplaces, such as We Buy Back or Greener Mobile.
Once you have agreed to a price for your gadget, Greener mobile will send out a reply paid package for you to box up your item and post back to them. Sellers are paid once payment is received and it’s worth noting that they take phones in a number of conditions: Perfect, Good, Faulty or Dead condition.
Some businesses such as Recycling Enterprises, will also buy a large range of used computers, laptops, phones, TVs, general electronics, motherboards, CPUs, RAM, Power Supplies.
If you have a granny flat or studio at the rear of your home, or wouldn’t mind some company in the form of a flatmate, you can advertise your spare residential space on sites such as Airbnb, Stayz and Flatmates.com.au
Short-term rental sites are perfect for those who only wish to let out their rooms some of the time, while flatmate sites are better suited to those who are seeking a long-term tenant. As a general rule, the closer you are to your local attractions and transport, the more you will be able to charge for your space.
If you’re using a third-party app, such as Airbnb, check to see whether you are covered for any damages a renter may cause. In any case, it may be worth taking out landlord’s insurance to protect yourself.
If you’re a renter yourself, check the residential tenancies act in your state to ascertain whether you are able to sub-let.
If you’re working from home on a regular basis, your car could be sitting unused on your driveway. But while this will help you save money on fuel, you could earn some extra cash by renting out your car to others through Australian sites like Car Next Door, Drive Mate, Go Get and Drive My Car.
You’ll be able to set your own ground rules and customise when your car is available. Car Next Door boasts 5000 cars across Australia for hire, with rental rates starting at $5 per hour or $25 per day.
There is likely to be a range of conditions attached to renting out your car. For example, your vehicle will need to be in reasonably good condition, with Comprehensive Third-Party Insurance in place.
Whether you work in education, you’re a keen writer or an avid photographer, there are plenty of ways to use those skills to help boost your income.
Research from online marketplace Airtasker and YouGov reveals that Gen Z are embracing the “flexible economy”, with Zoomers reporting that they are earning an extra $429 a month through side projects. According to the survey results, many Gen Z’ers are making money through app development, which has an average task price of $255 but can extend up to $5000.
Other popular skills on Airtasker include graphic design ($160 average task price) and social media support ($122).
Alternatively, if you’re a writer, designer or web developer, you could pick up some freelance work by signing up to dedicated freelance platforms, such as Upwork. You’ll then either be matched to jobs that suit your skills or you can bid on certain projects.
Demand for online tutoring has risen since the Covid-19 pandemic, with many students still playing catch up after missing so much school during lockdowns. Take a look at Australian tutoring sites such as Learnmate, The Tutoring Company or Superprof (among many others). Superprof estimates that the average rate for a Year 11 or 12 tutor is just under $40 per hour.
Budding photographers can sell their snaps online to stock photography sites like Alamy which lets you earn up to 50% of any sale. You’ll receive payments once your cleared balance reaches $50 and you can be paid in USD, GBP or EUR via Paypal, Skrill, or bank transfer.
Picturing your home as the next Neighbours TV set? Businesses such as Pure Location or Set Book specialise in connecting homeowners with location scouts for film, TV or even photography.
Pure Location offers more than 1500 location houses across Australia and New Zealand for photo shoots, filming and corporate events—and specialise in everything from outright luxury to suburban homes.
Set Book notes that homeowners could earn between $500-$3000 per hire, and listings are free to set up. They will also market your property and ensure all crew are fully insured.
If you’re good at answering questions and don’t mind a bit of one-way probing, you can earn money through paid surveys.
Some of the best-known paid survey companies in Australia include Octopus Group or Opinion World. Some sites may claim you can earn up to $50 per hour, but that is not very common. More likely you will receive points for answering surveys that can be redeemed in cash or gift cards. It’s more pocket money than a lucrative second job.
It won’t be for everyone, but if you’ve got some spare time and the patience for answering queries, it could pay dividends. Be sure to read the privacy policy, however, to make sure you’re comfortable with the amount of data you’re sharing.
This article is not an endorsement of any particular scheme or incentive, nor does it constitute a recommendation of a particular investment or asset class. Readers are encouraged to do their own homework.
Johanna Leggatt is the Lead Editor for Forbes Advisor, Australia. She has more than 20 years' experience as a print and digital journalist, including with Australian Associated Press (AAP) and The Sun-Herald in Sydney. She is a former digital sub-editor on The Guardian and The Telegraph in the UK, and lives in Melbourne.