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Do you post make-up tutorials to social media, write a blog or stream gaming for others to see?
Then you are a content creator.
If you are making money from your online content then you will have income to declare and you will need to consider if your in business. It’s important to know what income you need to report and the deductions you can claim if you are in business or want to start your own business.
The income you receive could be:
- money for advertising or appearance fees
- goods like a new gaming console, clothes or make-up
- from Australia, or overseas
Your supporters may purchase your merchandise or pay a subscription fee to access you social media content. They may send tips or gifts. All of these are considered income and should be declared.
If you are a content creator, it is important to consider if you can afford the gifts, e.g. a new handbag or a free holiday, as these are considered as income and you will need to pay tax on it.
It’s important to consider how the income you earn will affect your amounts payable. Sole trader income counts towards your assessable income, so it could impact your study loans or Medicare calculation.
You will need to register for GST if you have a GST turnover of $75,000 or more.
When accepting goods or services, make sure you keep your cash flow in mind. Contact our office if you require any assistance.
For more information go to the ATO website.