Aussie Girls- Do you have an ABN or PSI?

[Layla-Cam]

Hey guys!
Ive been a snapchat premium girl for the last 5 months and just need some advice finding a good accountant to set everything up legitimately. Its difficult to find out any info on the net but I've come across a few adult accountants that offer Skype to help you get set up etc and teach you what you can claim at tax time. Just wondering if anyone is able to share their experiences of going through an accountant and whether you were recommended to use an ABN or PSI? and if everyone does bank transfers primarily? Also im looking at getting a business bank account to austomatically offset my tax (I dont use Paypal as i got shut down)

Any advice would help! (Aussies only please)

Thank you

 

[Femdomava]

I don't know what a PSI is. But YES, you have to have a tax file number and ABN and treat it like any other home business. I'm an accountant myself. I do my own taxes, so I don't take them to anyone else. It doesn't matter how you get the money. Money is money in whatever form. (Direct Deposit, Paxum) etc... NEVER EVER USE PAYPAL>>> You just need to record every penny that comes in and then put it down as your Gross Income for the year.

 

[Layla-Cam]

I don't know what a PSI is. But YES, you have to have a tax file number and ABN and treat it like any other home business. I'm an accountant myself. I do my own taxes, so I don't take them to anyone else. It doesn't matter how you get the money. Money is money in whatever form. (Direct Deposit, Paxum) etc... NEVER EVER USE PAYPAL>>> You just need to record every penny that comes in and then put it down as your Gross Income for the year.

I do have a tax file number and recently got an ABN too theres another thing called a PSI (Personal services income) which is different to an ABN which is what i was querying. I've seen a thread where someone used this instead (People like Piano teachers etc use this) and I have a skype call with an accountant setup for next week so i definitely plan on declaring my earnings. I'll never use paypal again its awful but i have friends that have managed to get away with it for ages! I think I went wrong by taking it out my account/draining my account all the time. They let theirs build up so they haven't been shutdown yet

 

[jessica21]

Just wondering what you girls put down as your 'main business activity' when you applied for your abn?
I can't find anything that is similar. Model- nope. Entertainment-nope. Adult-nope.
I'm stumped. lol

 

[EleanorGee]

I used "other services" then online entertainment for Nature of activity

 

[jessica21]

Ahh @EleanorGee you're always a life savor!

 

[VyletteBlossom]

Hey, I'm Australian and planning on starting as a model on Chaturbate within the next few weeks but I have a few questions regarding the ATO and Centrelink before i begin.

I have been researching the requirement for an ABN and have found conflicting information as to weather it is necessary. In a post here from 2011 it states:

"ABN's (Australian Business Numbers) also only really matter amongst Australian businesses. If you were working as a contractor for an Aussie business, you would need one. However, you do NOT need to get one for MFC"

(Or Chaturbate; also a foreign company)

Also, from what I've read on tax deductions on the ATOs site it appears that an ABN is not necessary when claiming deductions such as webcam, lighting, printing costs, and industry relevant expenses like makeup, costumes, etc, come tax time.

So my questions are, is it recommended that I get an ABN for tax purposes or is is not necessary as the quote above suggests?

Does operating with an ABN complicate tax reporting or is it relatively straight forward as an individual sole trader in our case?

In regards to Centrelink, I am currently on Austudy and would like to know in advance weather operating as a business would increase the amount of documentation required each fortnight for income reporting? I ask this because as anyone who has had the displeasure of dealing with the DHHS would understand, i would like to limit my contact and obligations to them, and their need to contact me for "further information and documentation required" if i can.

If any Australian model has first-hand knowledge and/or experience with any of this I would really appreciate the advice. Thankyou!

 

[Missy_matrix]

Hey, I'm Australian and planning on starting as a model on Chaturbate within the next few weeks but I have a few questions regarding the ATO and Centrelink before i begin.

I have been researching the requirement for an ABN and have found conflicting information as to weather it is necessary. In a post here from 2011 it states:

"ABN's (Australian Business Numbers) also only really matter amongst Australian businesses. If you were working as a contractor for an Aussie business, you would need one. However, you do NOT need to get one for MFC"

(Or Chaturbate; also a foreign company)

Also, from what I've read on tax deductions on the ATOs site it appears that an ABN is not necessary when claiming deductions such as webcam, lighting, printing costs, and industry relevant expenses like makeup, costumes, etc, come tax time.

So my questions are, is it recommended that I get an ABN for tax purposes or is is not necessary as the quote above suggests?

Does operating with an ABN complicate tax reporting or is it relatively straight forward as an individual sole trader in our case?

In regards to Centrelink, I am currently on Austudy and would like to know in advance weather operating as a business would increase the amount of documentation required each fortnight for income reporting? I ask this because as anyone who has had the displeasure of dealing with the DHHS would understand, i would like to limit my contact and obligations to them, and their need to contact me for "further information and documentation required" if i can.

If any Australian model has first-hand knowledge and/or experience with any of this I would really appreciate the advice. Thankyou!

You legally need an ABN. I was going a year without one and it cost more to back date it. And it most certainly is your business so you can claim a percantage of all that stuff even your rent. Call as many accountants as you can and find and explain what you do until you find someone who can help

 

[Missy_matrix]

I do have a tax file number and recently got an ABN too theres another thing called a PSI (Personal services income) which is different to an ABN which is what i was querying. I've seen a thread where someone used this instead (People like Piano teachers etc use this) and I have a skype call with an accountant setup for next week so i definitely plan on declaring my earnings. I'll never use paypal again its awful but i have friends that have managed to get away with it for ages! I think I went wrong by taking it out my account/draining my account all the time. They let theirs build up so they haven't been shutdown yet

Apparently its not classified as psi because your money isnt comimg from one source

 

[Missy_matrix]

Just an fyi for all aussie models I'm not sure how your getting paid but I found the best way was to set up a usd bank account with my bank and go through a 3rd party like torfx or sendfx I would highly recommend sendfx they have way better exchange rates than banks and commission's as well also set up a business account which your money goes into so any purchases made to camming can come out of it makes it way easier

 

[VyletteBlossom]

Thanks for the info, Missy. I now have my ABN and am in the process of finding a suitable accountant. My advice on the original topic for those interested in an ABN is to do it. Its straightforward and instantaneous.

With Sendfx, is it a case of using it to transfer money from Epayments to my bank, in order to avoid Epayments US$15 transfer fee each time? My bank would also typically charge an International Transfer fee of AU$15 to receive it. I'm curious weather the method you use avoids these fees?

 

[jessica21]

Regarding the centerlink question

Hey, I'm Australian and planning on starting as a model on Chaturbate within the next few weeks but I have a few questions regarding the ATO and Centrelink before i begin.

I have been researching the requirement for an ABN and have found conflicting information as to weather it is necessary. In a post here from 2011 it states:

"ABN's (Australian Business Numbers) also only really matter amongst Australian businesses. If you were working as a contractor for an Aussie business, you would need one. However, you do NOT need to get one for MFC"

(Or Chaturbate; also a foreign company)

Also, from what I've read on tax deductions on the ATOs site it appears that an ABN is not necessary when claiming deductions such as webcam, lighting, printing costs, and industry relevant expenses like makeup, costumes, etc, come tax time.

So my questions are, is it recommended that I get an ABN for tax purposes or is is not necessary as the quote above suggests?

Does operating with an ABN complicate tax reporting or is it relatively straight forward as an individual sole trader in our case?

In regards to Centrelink, I am currently on Austudy and would like to know in advance weather operating as a business would increase the amount of documentation required each fortnight for income reporting? I ask this because as anyone who has had the displeasure of dealing with the DHHS would understand, i would like to limit my contact and obligations to them, and their need to contact me for "further information and documentation required" if i can.

If any Australian model has first-hand knowledge and/or experience with any of this I would really appreciate the advice. Thankyou!

In regards to centrelink, being a cam girl is a big no. They wouldn't allow me to be on it because of the industry and the fact that it's my own 'business'