Hi, i'm currently trying to lodge my personal tax return and want to mention that I made income on only fans (under $500). i also work full time at my job not related to only fans. I sell personalised digital pictures on my onlyfansd and want to know if this is considered PSI. Also, do I say it is the "selling of goods" or "providing personal skills, knowledge, or efforts" ? Also, as my audience is mostly based outside of Australia, is this foreign income? i am living and working in Australia and the money on my onlyfans accounts says USD but when received in my bank account it is turned into aud. Also, I receive the money on the website but not until the new financial year did I actually get the money out of onlyfans and into my bank account. what is considered income, when it is paid into my onlyfans or when I actually recieve the money for real in my bank account and in AUD?
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1 replies
Hello there @dm31666
To figure out if you have received PSI income you'll need to check a few things.
You need to look at each of your contracts or sales. You will need to calculate how much of the payment relates to your skills, know-how and effort and how much related to anything else.
If more than 50% has come from your skills, know-how and effort then the whole contract is PSI income. If it is less than 50% the whole contract is not PSI.
If most of your income from a contract is from your own skills, know-how and effort this would be entered as providing personal skills, knowledge, or efforts.
All personal services income is treated as if it was earned in Australia and not as foreign income.
You should report income for the financial year it is received. If you have access to the money right away this would count. If there is a process the money must go through before reaching your bank and you have no access it will be the date you receive it.
All replies
Hello there @dm31666
To figure out if you have received PSI income you'll need to check a few things.
You need to look at each of your contracts or sales. You will need to calculate how much of the payment relates to your skills, know-how and effort and how much related to anything else.
If more than 50% has come from your skills, know-how and effort then the whole contract is PSI income. If it is less than 50% the whole contract is not PSI.
If most of your income from a contract is from your own skills, know-how and effort this would be entered as providing personal skills, knowledge, or efforts.
All personal services income is treated as if it was earned in Australia and not as foreign income.
You should report income for the financial year it is received. If you have access to the money right away this would count. If there is a process the money must go through before reaching your bank and you have no access it will be the date you receive it.
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