The Australian Taxation Office (ATO) has recently issued information stating that generating revenue from online content is considered assessable income. This means that if you're a content creator and are earning money from your online content, you are required to report this income.
What’s content creating?
A content creator is an individual who produces engaging and informative materials to be shared through various mediums and channels, such as:
- Posting make-up tutorials
- Writing a blog on baking
- Streaming gaming for other viewers
What’s considered assessable income?
- Cash
- Money for advertising or appearance fees
- Receiving goods or services, e.g. a new gaming console, clothes, make-up or a free holiday
It is also important to note that the source of income is either from Australia, or overseas!
Are you in ‘content creating’ business?
- Sole trader income counts towards your total taxable income
- Need to register for GST if you have an annual turnover of $75,000 or more;
- Claim tax deductions for business related expenses
- Maybe eligible for small business concessions
If you require assistance in comprehending your tax responsibilities as a content creator, please click on the button below.