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Tax on crowdfunding

Newbie

Views 512

Replies 3

Hi everyone,

 

I plan to begin a crowdfundraiser using GoFundMe to support my community group.

 

I am wondering if I would have to declare any income from the crowdfundraiser or is all the income tax free as they're donations?

 

Thanks for your help.

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Community Support

Replies 2

Hi @BMG2015 

 

Thanks for your question!

 

Depending on your role, the money you earn or receive through crowdfunding may be assessable income.

 

Check out our Crowdfunding guide for more information, including crowdfunding and income tax.

 

Hope this helps.

 

Thanks, Nic

3 REPLIES 3

Most helpful response

Community Support

Replies 2

Hi @BMG2015 

 

Thanks for your question!

 

Depending on your role, the money you earn or receive through crowdfunding may be assessable income.

 

Check out our Crowdfunding guide for more information, including crowdfunding and income tax.

 

Hope this helps.

 

Thanks, Nic

Newbie

Replies 1

Hi Nic, thanks for your response.

 

So, if I don't intend to make a profit and I am not earning money for a business does this mean there isn't any taxable income? And if there is any, the same tax threshold will apply so $18,200 is not taxed?

 

 

Community Manager

Replies 0

Hi @BMG2015

 

Thanks for getting back to us and for your patience.

 

Regarding your first question, it will depend on your circumstances. We suggest that you check out the examples on the crowdfunding page.

 

If you would like us to take a closer look at your situation, you can request an early engagement discussion with us. For more information about our early engagement for advice service, have a look at our website.

 

If some or all of the money that you have received via crowdfunding is assessable income for you personally, assuming that you are an Australian resident for tax purposes and you have no other assessable income, the first $18,200 will be tax-free.

 

Good luck with it.

 

Thanks, Chris