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ABC News
17 minutes ago
- ABC News
What influencers and content creators can claim as tax deductions
When Queenie Tan started earning income as a content creator, she was a bit "scrappy" with her record keeping. "I wasn't earning very much, it was just on the side," the 29-year-old licensed financial creator from Sydney/Gadigal Country says. "My first purchase was a $50 microphone — I would forget to keep receipts for those sorts of things, but you should, because that could be deducted." Jenny Wong, tax lead in policy and advocacy at Australia's largest accounting body CPA Australia, says influencers may not be aware of what they can claim on tax, as well as what they need to declare. For example, non-cash benefits such as gifts. Ms Wong says income generated from side-hustles has become a major focus for the Australian Taxation Office (ATO), with digital service platforms such as YouTube and OnlyFans now legally required to report the income earned by their users. "[Sometimes content creators] think it's a hobby and they don't need to declare … but if there is some regular activity or potential of making profit, then in most cases, generally the ATO will see that as income." The tax implications of earning money from content creation, including content created as an influencer on social media platforms, is "the same as for anyone else", an ATO spokesperson says. "Income earned is taxable, regardless of the form in which it is given to you." If you are paid with goods or other benefits, for example being able to keep an outfit used in a post, or being "gifted" something, that is classed as a "bartering transaction". And that is subject to the same income tax and GST treatment as normal cash or credit payments, the spokesperson says. If an influencer is earning money through continuous and repeated activities for the purpose of making a profit, then it's likely they are running a business, according to the ATO. "If so, they will need to register for GST and lodge a business activity statement if they exceed or expected to meet the GST turnover threshold of $75,000 per annum," the spokesperson says. Influencing would not be considered a business if it was a one-off transaction, or a hobby, or recreation in which you don't seek to profit, for example. Queenie, who has 450,000 followers across her social platforms, is now a full-time content creator. And she has become much better at knowing what she can claim. Because she makes video content, Queenie has claimed camera equipment, microphones and lighting equipment on her tax. The ATO says to be able to claim a deduction for an expense you must spend the money yourself and not get a reimbursement, the expense must directly relate to earning your income, and you must have a record to prove it (usually a receipt). "You can only claim GST credits for the GST included in the price of any goods and services acquired for business purposes," a spokesperson says. Queenie says she stays on top of her tax by keeping things separate to her everyday spending. "Now I use [an app] which just makes it so much easier. It connects to all your bank accounts, and now I have a separate credit card just for business purposes." The ATO spokesperson says it is important to maintain accurate records. "We have sophisticated data-matching and analytical tools that enable us to identify under-reporting of income or not being registered for GST when required to be. "Where we identify people that have made a genuine mistake, we will support them in understanding the law and getting back on track." If in doubt, Ms Wong recommends people see a registered tax accountant. "Don't risk it." This article contains general information only. You should consider obtaining independent professional advice in relation to your particular circumstances.
News.com.au
17 minutes ago
- News.com.au
New signing Jaiden Kucharski and captain Ben Garuccio unable to play for Western United due to FIFA registration ban
Western United could lose recent signing Jaiden Kucharski before he plays a competitive game for the club due to a registration ban that will prevent him and club captain Ben Garuccio from playing in an Australia Cup round-of-32 clash against Sydney FC on Tuesday night. United announced the signing of ex-Sky Blues attacker Kucharski earlier this month despite knowing that he could not be registered due to an ongoing FIFA ban stemming from a unresolved financial dispute involving the club's former striker Aleksandar Prijovic. The ban also applies to left-back Garuccio, as he didn't re-sign with United until after he had become a free agent, meaning he needs to be re-registered. As a result, the pair can't play against the Sydneysiders at Ironbark Fields, and Football Australia is also investigating whether United breached the ban by fielding Kucharski in a friendly game last week against NPL Victoria club Oakleigh Cannons. It continues the turmoil that the financially embattled United finds itself in. The club's proposed new ownership structure, which was announced in May and involves KAM Melbourne, a subsidiary of American company KAM Sports buying a $100m controlling stake in the club and its parent company Western Melbourne Group, is yet to be approved by the Australian Professional Leagues, which runs the A-League. The lengthy delay for approval is understood to be because the APL is yet to receive KAM Melbourne's completed ownership proposal. The ongoing uncertainty about United's future, as well as its inability to play, has 23-year-old Kucharski and his representatives assessing his immediate future. Other A-League clubs are interested in the services of the former Australian under-17 international, and there are suggestions he might seek to be released from his two-year contract unless the registration ban is resolved, and that could be dependent on KAM Melbourne's majority ownership of United being approved. United's financial problems meant players and staff were paid late for three successive months until this month's wages arrived on time. Superannuation payments were due on Monday. United will face a Sydney side that won't include Brazilian star Douglas Costa, who is yet to arrive back in Australia following an extended off-season break. Sydney's bid to sign former Bayern Munich star Thomas Muller has failed, with the German veteran electing to continue his career in America's Major League Soccer competition, most likely with Canada-based club Vancouver Whitecaps. In other Australia Cup round-of-32 games on Tuesday night, Gold Coast Knights host Auckland FC, Southern Districts Raiders meet Macarthur FC, and Olympic Kingsway take on Melbourne Victory. In Sunday's all A-League battle, Wellington Phoenix knocked Perth Glory out of the Cup, winning a penalty shootout 8-7 after scores were locked at 1-1 at the end of normal time and extra time.
News.com.au
44 minutes ago
- News.com.au
Europe hopes for 'no surprises' as US weighs force withdrawals
After keeping Donald Trump happy with a pledge to up defence spending at NATO's summit, Europe is now bracing for a key decision from the US president on the future of American forces on the continent. Washington is currently conducting a review of its military deployments worldwide -- set to be unveiled in coming months -- and the expectation is it will lead to drawdowns in Europe. That prospect is fraying the nerves of US allies, especially as fears swirl that Russia could look to attack a NATO country within the next few years if the war in Ukraine dies down. However, the alliance is basking in Trump's newfound goodwill following its June summit in The Hague, and his officials are making encouraging noises that Europe will not be left in the lurch. "We've agreed to no surprises and no gaps in the strategic framework of Europe," said Matthew Whitaker, US ambassador to NATO, adding he expected the review to come out in "late summer, early fall". "I have daily conversations with our allies about the process," he said. While successive US governments have mulled scaling back in Europe to focus more on China, Trump has insisted more forcefully than his predecessors that the continent should handle its own defence. "There's every reason to expect a withdrawal from Europe," said Marta Mucznik from the International Crisis Group. "The question is not whether it's going to happen, but how fast." When Trump returned to office in January many felt he was about to blow a hole in the seven-decade-old alliance. But the vibe in NATO circles is now far more upbeat than those desperate days. "There's a sanguine mood, a lot of guesswork, but the early signals are quite positive," one senior European diplomat told AFP, talking as others on condition of anonymity. "Certainly no panic or doom and gloom." - 'Inevitable' - The Pentagon says there are nearly 85,000 US military personnel in Europe -- a number that has fluctuated between 75,000 and 105,000 since Russia's 2022 invasion of Ukraine. "I think it is inevitable that they pull out some of their forces," a second European diplomat told AFP. "But I don't expect this to be like a dramatic overhaul. I think it's going to be gradual. I think it's going to be based on consultations." Trump's first target is likely to be the troops left over from a surge ordered by his predecessor Joe Biden after Moscow's tanks rolled into Ukraine. Officials say relocating the rump of that 20,000-strong deployment would not hurt NATO's deterrence too much -- but alarm bells would ring if Trump looked to cut too deep into personnel numbers or close key bases. The issue is not just troop numbers -- the US has capabilities such as air defences, long-range missiles and satellite surveillance that allies would struggle to replace in the short-term. "The kinds of defence investments by Europe that are being made coming out of The Hague summit may only be felt in real capability terms over many years," said Ian Lesser from the German Marshall Fund think tank. "So the question of timing really does matter." - 'Inopportune moment' - Washington's desire to pull back from Europe may be tempered by Trump now taking a tougher line with Russia -- and Moscow's reluctance to bow to his demands to end the Ukraine war. "It seems an inopportune moment to send signals of weakness and reductions in the American security presence in Europe," Lesser said. He also pointed to Trump's struggles during his first term to pull troops out of Germany -- the potential bill for relocating them along with political resistance in Washington scuppering the plan. While European diplomats are feeling more confident than before about the troop review, they admit nothing can be certain with the mercurial US president. Other issues such as Washington's trade negotiations with the EU could rock transatlantic ties in the meantime and upend the good vibes. "It seems positive for now," said a third European diplomat. "But what if we are all wrong and a force decrease will start in 2026. To be honest, there isn't much to go on at this stage." del/ec/jxb/tc
