Are you a content creator? Is your content creating income?

Posting make-up tutorials to social media? Writing for a blog or streaming gaming for others to see?

You’re a content creator!

If you start making money from your online content, you’ll have income to declare, and you’ll need to consider whether you’re in business. If you are, or you want to start your own business, it’s imperative 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
• Goods like a new gaming console, clothes, or make-up
• From Australia, or overseas.

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 considered income and should be declared.

There are some important things to think about if you’re a content creator.

Can you accept the gifts? A new handbag or a free holiday may be enticing, but because it’s regarded as income, value of the gift is taxable and must be included in your business income.

Consider how the income you earn will affect your other amounts payable. If you run business as a Sole trader, then this income counts towards your total assessable income and it will impact your study loans and 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 able to claim deductions for business related expenses.

Contact Expert Tax on 0449 952 855 (Williams Landing) or 0404 667 909 (Doreen) for further assistance.