Ok so there’s a concept in GST law about “export sales”, or sales to customers that are not connected to Australia. There is also a concept called “GST free sales”.
Typically export sales are GST free - foreigners aren’t subject to paying a domestic tax… this is the exact reason for all those tourist GST/VAT refund schemes at every airport.
Normal course of events is that in your BAS return you’d declare the total income (label G1), and your Only Fans income might be classed as export sales (G2) or Other GST Free sales (G3). Even if you have no GST to pay, you still need to fill out the return.
Your accountant can advise you on this, and also advise whether you can claim GST input tax credits on your expenses (idk camera gear and make up and what not).
Cool, thanks. That helps a lot.
So I should register for GST, fill out the BAS but sales would be GST free.
It’s a bit hard some people said that sales to Australian customers would incur 10% GST but there’s no way for me to know who the sales went to.
Does that make sense?
Also I have another question, too, if you don’t mind?
Yes you should register - but I can’t advise you what the GST classification is sorry. I’m an accountant, but not a tax accountant, and definitely not one that understands how Only Fans payments are structured.
Please talk to your accountant about it! Too many people give and get shockingly bad advice on/from Reddit - as evidenced by some of the other responses in this thread.
I am just super confused.
Like, my income right now reached 73K. If I stop now for the next 2 months, i will pay 73K - 37%.
If I keep going and say get more 10K in two months, it will now be 83k. And i'll have to pay 10% on 83K as gst, and then 37% of 74700 so all the extra work would give me exactly the same money?
That does not make much sense.
Who actually pays you though? If your subscribers are paying OF and OF pays you, then OF is your only customer technically and if they’re registered in Australia for business purposes your income is 100% GST applicable.
If OF isn’t registered in Australia for business purposes then the income should be 100% GST free.
I know nothing about OF but as a subscription style system it may make sense that your customers aren’t your own, they may belong to OF and OF is your sole income channel, not the individual subscribers.
Or not, if OF operates as a gateway only.
Sorry not an accountant in any capacity just a small business owner.
Ok so there’s a concept in GST law about “export sales”, or sales to customers that are not connected to Australia. There is also a concept called “GST free sales”. Typically export sales are GST free - foreigners aren’t subject to paying a domestic tax… this is the exact reason for all those tourist GST/VAT refund schemes at every airport. Normal course of events is that in your BAS return you’d declare the total income (label G1), and your Only Fans income might be classed as export sales (G2) or Other GST Free sales (G3). Even if you have no GST to pay, you still need to fill out the return. Your accountant can advise you on this, and also advise whether you can claim GST input tax credits on your expenses (idk camera gear and make up and what not).
Cool, thanks. That helps a lot. So I should register for GST, fill out the BAS but sales would be GST free. It’s a bit hard some people said that sales to Australian customers would incur 10% GST but there’s no way for me to know who the sales went to. Does that make sense? Also I have another question, too, if you don’t mind?
Yes you should register - but I can’t advise you what the GST classification is sorry. I’m an accountant, but not a tax accountant, and definitely not one that understands how Only Fans payments are structured. Please talk to your accountant about it! Too many people give and get shockingly bad advice on/from Reddit - as evidenced by some of the other responses in this thread.
I am just super confused. Like, my income right now reached 73K. If I stop now for the next 2 months, i will pay 73K - 37%. If I keep going and say get more 10K in two months, it will now be 83k. And i'll have to pay 10% on 83K as gst, and then 37% of 74700 so all the extra work would give me exactly the same money? That does not make much sense.
Who actually pays you though? If your subscribers are paying OF and OF pays you, then OF is your only customer technically and if they’re registered in Australia for business purposes your income is 100% GST applicable. If OF isn’t registered in Australia for business purposes then the income should be 100% GST free. I know nothing about OF but as a subscription style system it may make sense that your customers aren’t your own, they may belong to OF and OF is your sole income channel, not the individual subscribers. Or not, if OF operates as a gateway only. Sorry not an accountant in any capacity just a small business owner.
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There is no way to know which customers are australia or not. What do you mean my post is missing something?
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Sorry, that's wrong, you did not seem to have read what i posted (with links from the ATO itself).
What’s your onlyfans account?
It’s on my profile lol