The Australian Taxation Office has warned content creators that they need to be aware of their income tax and GST obligations.
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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.
Louise is a CPA with a Masters in Professional Accounting and a diploma of Financial Planning. Louise has been in Public Practice for 21 years and has been the principal of LMC since 2012. With a focus on small business support services and self-managed super funds, Louise is passionate about helping small businesses achieve their potential through good cashflow management and strategies for success. Louise and her family enjoy the space and tranquility of the Noosa hinterland with a small acreage block complete with dogs, chickens, geese, ducks and donkeys!
Lesley Joyce
Lesley is our individual taxation specialist and has over 23 years experience in preparing individual and small business returns. Lesley loves country music and line dancing and having recently relocated closer to the coast, enjoys a walk along the beach. Lesley is a proud Nana to her 14 grandchildren.
SuzAnne King
Suzanne is our Client Service Coordinator. She has worked in accounting practices for 20+ years and has expert knowledge in all things relating to Corporate Compliance. She is an active local community volunteer. In her leisure time she enjoys wandering in ancient places and reading biographies.
Kristie Virgo
Kristie has recently joined LMC Financial Group in Office Administration and Reception. She has run her own interior design small business for 20 years and when she is not at LMC she continues to work with clients on the Sunshine Coast. Our new office space has been designed by Kristie and Louise and brings a fresh warm approach to accounting in Cooroy.
Kelly Waldron
Kelly has qualifications in accounting and bookkeeping and has over 20 years’ experience in these areas. Kelly is a local to the beautiful sunshine coast and town of Cooroy and is ready to help with all your accounting and bookkeeping needs, nothing is too difficult. Kelly loves spending time with her family and everything the Sunshine Coast offers, we do really live in paradise.
Jemma Gibbs
Jemma is local to Cooroy embarking on a new career journey with the LMC team. Working as a bookkeeper for her husband's lawncare business for the past 6 years and undertaking formal education in accounting and bookkeeping has inspired her to take the leap into a new industry after 15 years in HR and Administration. With a big, close-knit family, her weekends are spent with family and friends enjoying all the wonderful places the coast has to offer.
Business Taxation Services
No client too big or too small. At LMC Accounting we make sure we get to know your business, so that we can offer you sound financial and accounting advice and the best service possible, taking care of your tax obligations in a timely and efficient manner.
Business Activity Statements and Instalment Activity Statements – preparation and lodgement.
GST advice.
Business Structure advice – what is the most appropriate structure for you?
Proactive Strategies Business setup and GST/ABN registration services.
Onsite visits to your business. Assistance with the most up to date accounting software options
Not For Profit – bookkeeping and annual reporting assistance
Tax planning – give yourself the opportunity to minimise tax before the 30th of June!
No client too big or too small.
We make sure we get to know your business
Business Activity Statements
Preparation and lodgement of Business Activity Statements (BAS) and Instalment Activity Statements (IAS). We can assist you with your quarterly, monthly or annual returns, reviewing your information, calculating your GST and PAYG tax liability and electronically lodging your BAS and IAS statements.
GST Advice
Getting the right advice on GST and tax is critical to your business. Work with one of our highly experienced and qualified agents and let us assist you in meeting your business taxation obligations.
Business Structure
What is the most appropriate business structure for you? We can advise you on the best structure to suit your financial needs. LMC Financial will discuss the advantages and disadvantages of each available business structure and help you to decide which business structure best suits your business model.
Business Setup
Starting a new business and not sure where to go or what to do first? We offer Proactive Strategies Business Setup and GST/ABN registration services.
Onsite Visits
LMC Accounting can visit your business and assist you with the most up to date accounting software options making your record keeping more streamlined for when it comes to reporting time.
Not For Profit
We offer bookkeeping and annual reporting assistance for Not for Profit organisations.
Tax Planning
Forward planning and prior preparation is key! Contact us today and give yourself the opportunity to minimise tax before the 30th of June!
Contact us today to discuss how we can work together: (07) 5447 0067 or email us at admin@noosaaccounting.com.au
Small Business Support
Bookkeeping
All small businesses must be built on a strong foundation of record-keeping. Without accurate information about business income and expenses, it is not possible to effectively plan, grow or sell a business.
We offer many options to suit various budgets and various sized businesses. We use all major accounting software providers so if you have a preference, that is fine too.
Cloud-based accounting software is a great way of keeping your business records up to date, easily accessible and at an affordable price – talk to us about your options today.
Tax & Reporting
Every small business has tax and reporting obligations every year, every quarter and even every month or week (think Single Touch Payroll!).
We can make sure your compliance is up to date and your reporting obligations are met in full and on time. Stress less and focus more on your business while we do what we do best – accounting!
We also provide comprehensive tax planning analysis so we can assist you to effectively plan for any tax issues.
Profit Planning
It is important to have good bookkeeping processes in place and be compliant with tax office obligations, but you also need to know if your small business is or will be profitable. Otherwise what is the point!
Let us help you examine where your business is at and create a Profit Plan to clearly identify your income goals, realistic expenditure items and potential profit-making opportunities as well as highlight any financial hurdles that may be in your way.
Profit Strategies
It is time to create real profit in your small business, real cash in a real bank account that you can spend without feeling guilty!
Knowing where your money is going and how much you actually have to spend at any point in time is a game-changer when it comes to creating real profit. We can assist you to put the processes in place to effectively manage your cashflow once and for all so that you never have to worry about that next BAS payment or super liability and at the same time, build real profit into your business.
Put your Profit First, not last and you will ensure that your business works for you not the other way around.
Growth & Equity
Your business is an asset and if you can ensure that your small business asset has value then you have an asset you can sell.
Imagine someone paying you for your business that you may have built from the ground up? All that time, money and energy is now being returned to you because you have created value in your business.
Learn how to create that value, ensure you have the processes in place so that you can spend time on your business not in your business and watch your business grow.
Contact us today to discuss how we can work together: (07) 5447 0067 or email us at admin@noosaaccounting.com.au
Self Managed Super Funds
Let us help with your Super Fund
Let LMC Accounting and Financial Services, Noosa, help you to decide if a self managed super fund is right for you and your financial circumstances. Setting up a DIY super fund can be a really straightforward process but it needs to be set up properly right from the start.
Do you want to simplify your Super Fund but don’t quite know where to begin. With support from us at LMC Accounting we can help you to make this happen, saving you unnecessary stress, time and money.
At LMC Accounting we make sure you understand all of your Self Managed Super Funds options and obligations as well as advice regarding rules, regulations and investments.
Have you thought about your retirement years? Are you concerned you may not have done enough preparation to live comfortably in your twilight years? The sooner you put plans in place, the greater benefits you will have in the long run.
We offer reasonable rates and efficient service coupled with the best advice. Contact us to find out how we can help you with your Super Fund requirements and planning for your future.
Do you want to simplify your Super?
Have you thought about your retirement? Are you concerned about your retirement?
SMSF set up – is it right for you? Do you know what options are available?
SMSF Accounting and administration advice
Advice regarding rules, regulations and investments
Reasonable rates and efficient service
Contact us today to discuss how we can work together: (07) 5447 0067 or email us at admin@noosaaccounting.com.au
Personal Tax
We can help you with your individual tax returns including advice and assistance with:
Work-related deductions
Rental properties including short-stay rentals
Investment income reporting including dividends and managed funds
Capital gains including real estate, shares and crypto!
Foreign income
Non-resident tax matters
Super contributions
Contact us today to discuss how we can work together: (07) 5447 0067 or email us at admin@noosaaccounting.com.au
Tax Diary
General Calculators
Accounting Videos
Useful Links
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Secure File Transfer is a facility that allows the safe and secure exchange of confidential files or documents between you and us.
Email is very convenient in our business world, there is no doubting that. However email messages and attachments can be intercepted by third parties, putting your privacy and identity at risk if used to send confidential files or documents. Secure File Transfer eliminates this risk.
Login to Secure File Transfer, or contact us if you require a username and password.
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