Since the rise of social media, it has transformed the way we as individuals communicate, share information, and even earn a living. Enter the age of influencers … individuals who leverage their online presence to gain followers in the hope of engaging with them, has created a new dimension of income generation.
In Australia, our tax man is all over this … with the tax landscape evolving in response to this emerging trend, prompting the Australian Tax Office (ATO) to provide specific guidelines for social media influencers regarding the management of their income reporting.
For those current influencers or even wanna be influencers out there, this episode is for you .. find out the ATO's expectations, and how influencers should navigate their financial responsibilities. Take a listen .. A x
Key moments throughout the episode ...
- Classification of Influencers income types and their treatment
- What is Fair Market Value and how to calculate it
- ATO obligations and GST
- Consequences of non compliance
- How to stay ahead of the ATO
If you'd like to discuss ways you can effectively track your income and expenses as an influencer, simply head to www.amybajada.com.au/discoverycall
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