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nina23(I'm new)I'm new
6 Feb 2024

Hi,

so I’ve had a fan page on Facebook for a little while now and I’ve recently been invited to the Facebook bonus program. Facebook pays me some money for the content I upload depending on how many people my post have reached and the reactions to the post.

I’m planning on taking this on as a side hustle.

My question is how to I pay tax on the money im gonna receive? They payout monthly. Do I put aside a certain amount for tax purposes? I’m planning on doing that but what percentage of the money do I put aside?



any help is appreciated

thankyou

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2,101 views
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RileyATO(Community Moderator)Community Moderator
8 Feb 2024

Hi @nina23,


Congrats on being invited to the bonus program!


Putting money aside for a potential tax bill is one plan, or you make pre-payments using the pay as you go (PAYG) instalment system. Depending on how much business income you earn this financial year, you may end up being automatically entered into the PAYG instalment system next FY.


We actually have a couple of articles specifically for online content creators and side hustles if you'd like some more info.

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Most helpful reply

RileyATO(Community Moderator)Community Moderator
8 Feb 2024

Hi @nina23,


Congrats on being invited to the bonus program!


Putting money aside for a potential tax bill is one plan, or you make pre-payments using the pay as you go (PAYG) instalment system. Depending on how much business income you earn this financial year, you may end up being automatically entered into the PAYG instalment system next FY.


We actually have a couple of articles specifically for online content creators and side hustles if you'd like some more info.

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How to Pay Tax on Social Media Income | ATO Community