Is your content making you income?
The Australian Taxation Office has warned content creators that they need to be aware of their income tax and GST obligations.
.
Examples of content creators are individuals who write a blog, post make-up tutorials to social media or stream gaming or other activities for others to watch.
If you start making money from your online content, you will have income to declare. You will also need to consider whether you are in business. You should consider carefully the subjective questions underlying the registration for an Australian Business Number. Are you enjoying some reward from a hobby, in the lead-up to a business? If you are, or you want to start your own business, it’s important you know what income you need to report, the deductions you can claim and what registrations you may need.
The income you receive could be cash, money for advertising or appearance fees, or goods like a gaming console, clothes or make-up.
It doesn’t matter whether the income comes from Australia or overseas. It is all taxable in Australia, as long as you are considered to be a tax resident of Australia.
Some of your supporters may purchase your merchandise or pay a subscription fee to access your content. They may send tips or gratuities (often called gifts). All of these are likely to be income and should be declared.
There are some important things to think about if you’re a content creator. Can you afford to accept the gifts? A new handbag or a free holiday may be enticing, but because it’s regarded as income, you’ll need to pay tax on it.
Consider how the income you earn will affect your other amounts payable. Sole trader income counts towards your total assessable income, so it could impact your study loans or Medicare calculation.
If you’re in business, and you have a GST turnover of $75,000 or more, you’ll need to register for GST. You will be liable to pay GST on your taxable supplies, even if you don’t pass it on to your supporters. However, you can claim input tax credits on what are called “creditable acquisitions”.
You will be able to claim deductions for business-related expenses. You may also be eligible for various small business concessions.
Hot Issues
- 2024 Year End Tax Planning Guide (Part 1)
- Medicare levy surcharge OR basic health insurance ?
- ATO warns of ‘serious penalties’ for unlawful tax scheme promoters
- ACCC scam report
- Employees taking more sick days - and it's getting worse
- Foreign residents selling property in Australia
- How much does negative gearing really cost – an overview and an opinion?
- The Shortest-reigning Monarchs in History
- FBT Reminder – Odometer Reading
- ATO’s debts on hold campaign prompts new IGTO guidance
- A comprehensive collection of small business benchmarks
- The 2025 Financial Year tax & super changes you need to know!
- Underperforming employees: When can you terminate?
- A comprehensive list of guides to industry specific tax deductions.
- ‘Renewed concerns’ about economy sees consumer sentiment dip: Westpac
- Oldest Buildings in the World.
- Small businesses may ‘collapse under strain of payday super’, IPA warns
- ATO’s hands tied with scrapping on-hold debts, expert says
- What Drives Your Business Growth and Profits?
- Australian Taxation Office (ATO) shifting to firmer debt collection activity
- Why employee v contractor comes down to fine print
- Sharing economy reporting regime for platform operators
- Countries producing the most solar power by gigawatt hours
- Illegal access nets $637 million
- Accessing superannuation benefits.
- Does your business have a company Power of Attorney?
- Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
- GrantConnect
- 2 in 3 SMEs benefit from instant asset write-off, survey reveals
- Updated guidance on R&D claims
- Do you know how to recover debts?
- Vimeo test
Article archive
- January - March 2024
- October - December 2023
- July - September 2023
- April - June 2023
- January - March 2023
- October - December 2022
- July - September 2022
- April - June 2022
- January - March 2022
- October - December 2021
- July - September 2021
- April - June 2021
- January - March 2021
- October - December 2020
- July - September 2020
- April - June 2020
- January - March 2020
- October - December 2019
- July - September 2019
- April - June 2019
- January - March 2019
- October - December 2018
- July - September 2018
- April - June 2018
- January - March 2018
- October - December 2017
- July - September 2017
- April - June 2017
- January - March 2017
- October - December 2016
- July - September 2016
- April - June 2016
- January - March 2016
- October - December 2015
- July - September 2015
- April - June 2015
- January - March 2015
- October - December 2014
July - September 2023 archive
- Contractor payments (TPAR) are increasingly on the ATO’s radar
- Superannuation and independent contractors: fresh Full Federal Court guidance
- Intergenerational Report 2023
- Property investors beware: new data matching program
- When will we learn to protect ourselves from ourselves?
- Federal Government toughens up employment laws.
- Small Business Tax Time toolkit for 2023.
- Oldest Buildings in the World
- Australian Taxation Office (ATO) target areas for tax time 2023
- Taxing unrealised capital gains a grave concern: Burgess
- Protect your business from cyber threats
- Is your content making you income?
- Australian Taxation Office (ATO) ride-sourcing data-matching program extended
- How a registered trade mark can grow your sales and your business
- The top modes of transport in the world
- Considerations When Negotiating a Resolution
- Things you can do in our digital office
- Working from home expenses for 2023
- Five questions that indicate how financially literate you are.
- New laws come into effect from July 1
- Preparing for EOFY tax scams with business and cyber resilience
- Any tax debts in arrears?
- Scammers continue to fleece unsuspecting victims
- Top 50 Greatest Cuisines
What our clients say about us