Agents, payments and tax
Mon, 19 Jan 2009, 04:30 pmCayra5 posts in thread
Agents, payments and tax
Mon, 19 Jan 2009, 04:30 pmA little help for a newbie please.
When paid by say, Channel Seven, the payment goes directly to the agent. (correct?)
The agent then takes the fee (usually 10 percent) and pays the remainder to the performer.
Is tax paid at this point.... or is there no tax paid until the yearly income tax return?
and how does this work with HECS repayments
Thank you
It depends on whether you
Mon, 19 Jan 2009, 05:12 pmWalter Plinge
It depends on whether you signed a form and gave it to your agent, agreeing for tax to be taken out of any income earned. If not, your accountant will treat you as a sole trader and they will assess your income over the year to see how much tax is taken out, if any.
Your HECS repayment should come out of any tax return you are owed.
Suggest going to the Tax Office website at www.ato.gov.au for further clarification.