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Onlyfans

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Replies 1

So I created an OnlyFans last week, in the first week I've made over $700, I've created an ABN because I realised if I decide to keep this going I'll need to make sure everything is being reported correctly come tax time.

Now here comes my question, I also have a day job, I work casual but a lot of the time I on full time hours, we're going on 3 weeks Christmas holidays which is why I really wanted to create this account just to help over the holidays, now when it comes to tax, will I need to organise something with OF about me being taxed, will I have to tell my work as I now have a ABN as a sole trader (I don't have to tell them what I do will I?) that they may have to tax me differently? As really both my day job & onlyfans won't be completely consistent as my OF might simmer down in a month or something.  

I just want to make sure I get everything right for tax, as a few years ago when I had a second job they hadn't taxed me correct & I owed the ATO 2K because of it... & I just don't want to do that again.

1 ACCEPTED SOLUTION

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Most helpful response

ATO Community Support

Replies 0

Hello @Tulip96

 

You do not need to notify your employer that you have started working under an ABN, however you will need to declare your business income in your tax return at the end of the year. Because of this, you may want to put some money aside in case you end up with a tax bill.

 

Alternatively, you can voluntarily ask your employer to withhold additional tax using a withholding declaration. Anyone can do this, regardless of whether you have an ABN or not.

 

If you do end up with a tax bill at the end of the year, you may be entered into the PAYG instalment system which can help to avoid getting a tax bill in the future.

 

Have a fantastic day Smiley Happy

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hello @Tulip96

 

You do not need to notify your employer that you have started working under an ABN, however you will need to declare your business income in your tax return at the end of the year. Because of this, you may want to put some money aside in case you end up with a tax bill.

 

Alternatively, you can voluntarily ask your employer to withhold additional tax using a withholding declaration. Anyone can do this, regardless of whether you have an ABN or not.

 

If you do end up with a tax bill at the end of the year, you may be entered into the PAYG instalment system which can help to avoid getting a tax bill in the future.

 

Have a fantastic day Smiley Happy