Bloggers are best known as the cornerstone of today’s digital economy. They essentially act as the movers of products and formers of public opinion on what’s hot and what isn’t.
For anyone that’s daring enough, taking on the task of broadcasting stories for the internet to enjoy can easily prove to be quite lucrative with the right platform and determination. Meanwhile, given the new nature of blogging as a profession, you might be wondering: Do bloggers pay taxes?
Well, yes, bloggers do pay taxes.
Despite the fact that it’s a fairly new field of work, blogging is still pretty much intertwined with the age-old concept of taxation and paying dues to the government. Now, as much of a drag as it may sound to go through all the struggles of taxes when you can spend more time creating content, the truth is that it doesn’t necessarily have to be time-consuming at all. There are a few ways that you can adapt to the taxation process while still having lots of time to create great content for your followers. Should you find yourself in the midst of making your big break, here are a few ways you can keep your blog legal while maximising the time you spend on your filing and returns:
Always report your income accurately
Regardless of whether it’s from an endorsement, partnership, collaboration, or a simple payment, any kind of money that’s coming to you as a result of your operations should always be reported to the Australian Taxation Office (ATO). By simply fostering this good habit and making sure that you report every single stream of income you get, you’ll be able to protect your image and your finances as best as you can.
Verify whether you qualify for self-employment taxes
One of the biggest mistakes that any blogger can make on Australian soil is unknowingly filing the wrong kind of taxes long enough to end up meriting tax fraud or evasion by accident. Nowadays, the ATO has made it even more imperative for bloggers to learn more about self-employment eligibility because a lot of them still have salaried jobs with the web as their side-hustle, which makes for more taxes to be accounted for.
Let an expert accountant for online business handle your accounting
As a blogger, you’re most likely not going to have the necessary skills, knowledge, or training to handle your passion’s own taxation practices and requirements all by yourself. That is especially true when it comes to the point where your presence will start to grow and scale. By letting humbler heads prevail, however, you can hire the services of an expert to handle your finances and records while you do what you do best.
As a blogger, it’s important to note that you are still responsible for paying taxes and keeping your records clean. Follow the tips mentioned above so that you can keep everything under control and blog to your heart’s content without having the ATO on your tail.
The E-Commerce Accountant provides expert e-commerce accounting services for Shopify stores, bloggers, and SMEs in Australia. Get in touch with us today to see how we can help your business succeed!