Do I need to register for an ABN if I will have a one-off monetary deal as a content creator?

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(Newbie)Newbie

26 Apr 2024

As a content creator without any monetary income, I have recently come across the opportunity to give rights to a news station to use one of my clips (That I have shot and created myself) in their reports. If I were to receive monetary compensation for the usage of my clip as a one-off situation, would I need to file for an ABN? As of currently, content creation is only a hobby for me, where getting monetary compensation/a profit is not my goal. This will be the only form of income I have ever received up until now and likely to be the only one in the near foreseeable future.

If, however, I decide to pursue content creation more seriously and start to receive monetary compensation, or in the form of goods and services (barter), then at what stage would I need to apply for an ABN?

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Bruce4Tax

(Taxicorn)Taxicorn

27 Apr 2024

Barter compensation will refer to receiving free meals in return for a social media post/review.

That would be taxable income received for services rendered.

Income would be equal to the value of the meal as shown on the menu.

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nightbroken

(Newbie)Newbie

26 Apr 2024

for additional information, I will be creating food review content of restaurants based in Australia. Barter compensation will refer to receiving free meals in return for a social media post/review.

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Bruce4Tax

(Taxicorn)Taxicorn

27 Apr 2024

Barter compensation will refer to receiving free meals in return for a social media post/review.

That would be taxable income received for services rendered.

Income would be equal to the value of the meal as shown on the menu.

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Bruce4Tax

(Taxicorn)Taxicorn

27 Apr 2024

If I were to receive monetary compensation for the usage of my clip as a one-off situation, would I need to file for an ABN?

Yes, otherewise 47% tax should be deducted by payer.

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nightbroken

(Newbie)Newbie

27 Apr 2024

As I have read online I will need to close my ABN if my "business" is not running or in operation. If I do not receive any more monetary or barter form payment for an extended period of time, but am still hoping to do so in the foreseeable future, will I be fined for not closing my ABN ?

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Bruce4Tax

(Taxicorn)Taxicorn

28 Apr 2024

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nightbroken

(Newbie)Newbie

28 Apr 2024

@Bruce4Tax

I see. I was wondering, If I receive the payment from an overseas entity as an Australian citizen, do I need to provide them with an ABN when they make the payment to me? As ABN takes time to register for, would it be possible to receive the payment and then lodge it as income through my ABN after already receiving the payment during lodging my tax return?

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nightbroken

(Newbie)Newbie

28 Apr 2024

@Bruce4Tax

If I were to create an ABN: aside from that one-off payment, if I receive no forms of income (both barter and monetary) for the whole year, what tasks or tax obligations would I have to do as a "business" throughout the year? Would it just be filling out my tax return at the end of the year? (assume there is no change in business form, name details, structure etc.)

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Bruce4Tax

(Taxicorn)Taxicorn

29 Apr 2024

@nightbroken

If I receive the payment from an overseas entity as an Australian citizen, do I need to provide them with an ABN when they make the payment to me?

then lodge it as income through my ABN

Income is shown on your tax return, in business section.

Would it just be filling out my tax return at the end of the year?

Yes

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nightbroken

(Newbie)Newbie

29 Apr 2024

@Bruce4Tax

I see, thanks so much for the replies!

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