The Australian Taxation Office has issued a stern warning after some influencers have been caught promoting freebies gifted from varied manufacturers.
The ATO is focusing on Aussie social media stars who take part within the pattern dubbed ‘double-dipping’ during which influencers flog luxurious objects given to them for free of charge.
“The Australian Tax Office is warning influencers they have to pay tax on the stuff they get for free and then go on to sell for money,” says finance knowledgeable Sarah Hughan on the newest episode of The West Australian’s new finance present Trading Up.
“The rules are, if you get stuff for free and then sell it, you need to pay tax on the earnings. And if it’s over $75k you also need to pay GST.
“It makes sense, corporations have a little thing called fringe benefits tax which basically means there is no such thing as a free lunch.”
Also on Trading Up, discover out why buyers have been urgent the panic button on the ASX as we speak. Plus, hear who the most important vitality losers have been.
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Source: www.perthnow.com.au
