Congratulations, 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 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
• 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 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.

Make sure you keep your cash flow in mind when it comes to accepting goods or services – ask your tax professional or get help with the cash flow coaching kit.

You will be able to claim deductions for business related expenses, and you may also be eligible for small business concessions.

For more help, check out ATO Community – this is your place to ask questions and read responses from people just like you.

Source: ATO

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Accountplan has a large number of lenders on our Vehicle & Equipment Finance panel with a wide range of offerings. These start with………..

Express Vehicle Finance

What’s not to like?

If you can satisfy the following criteria some banks will provide up to $150,000 in equipment finance (including cars) without the need for financials:

• ABN holder & GST registered for a minimum 2 years
• You are a home owner (or paying off a mortgage)
• You do not owe money to the Australian Tax Office
• You do not have an adverse credit history

The turn around is fast and you will, in most cases, have your car or equipment within 2 weeks.

Standard Applications

Don’t quite tick the boxes for Express Vehicle Finance ??

That’s OK, we have access to a broad range of solutions to cater for those whose business is smaller or not as long established.

Want to know more about the Instant Asset Write-Off or more about how to finance that purchase? Start with a call to the experienced team at MarkAccountants on 07 5491 9439.

The post Pre-June 30 Vehicle & Equipment Finance appeared first on Mark Accountants.