Gifting & Tax

AiMCO recently did a webinar to clarify some issues about tax with regard to influencers. This webinar specifically addressed the issue of the Tax Implications of Gifting which involved representatives from The Australian Tax Office (ATO) joining our panel of experts for the discussion.

The rule of ‘value in kind’ provided as payment for services provided being considered income for tax purposes is not new, but many are not aware that it also applies to products provided for marketing testimonials. The ATO has recently added information to their website specifically to assist digital content creators to know what is considered income with regard to tax - you can find here.

The ATO guidance clearly sets out the sort of things that constitute income when creating content:

“ The income you receive could be:

- cash

- money for advertising or appearance fees

- goods like a new gaming console, clothes, or make-up

- from Australia, or overseas.

Members can watch the tax webinar in the members area and non members can buy the webinar to watch.