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
You have to be a bit
Mon, 19 Jan 2009, 09:13 pmYou have to be a bit careful. An agent should insist on doing this one of two ways. Either you complete a tax declaration form including your Tax number and if you have other employment requesting basic tax to be deducted. Or you will have to obtain an ABN number and invoice the agent quoting that number. If you do that then it is important that you keep an amount approximating 10 - 15 percent of your ABN income for taxation purposes. (Unless you want a big tax bill.)
Talk to an accountant (a real one not HR Block).
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