Tax Tips For Bloggers & Vloggers - What can you claim?
Whether you are writing or filming about travel, fashion, health, lifestyle or beauty there are many things you may be entitled to claim as a tax deduction.
Below is a list of things you might be entitled to claim,
BUT FIRSTLY, in order to qualify you need to be blogging/vlogging as a business, not a hobby. This means earning regular income from your blogs or videos, this could come from subscription fees or sponsored payments from companies whom you post about.
Host fees for your blog, domain registration fees
Blogging software fees, editing software
Computer & Camera equipment – Up until 30 June 2019, you can claim an immediate tax deduction for any business-related item of capital equipment you purchase of less than $20,000.
Office expenses - if you run your blogging business from a home office you an claim part if your rent or mortgage interest as a tax deduction, as well as a proportion of your household bills like electricity, water and gas. Make sure you claim an appropriate proportion compared to the overall size of the property as this is an area the ATO looks at closely.
Mobile phone work-realted usage
Supplies and stationary including business cards, letter heads, work related books/ebooks
Advertising like search engine optimisation services, prizes and giveaways
Design – blog design, logo design
Cost of employing a professional photographer
Travel – if your travelling for a project that will generate income, for example your going away somewhere with a company to promote a product or destination and will be paid accordingly, or if you are attending a conference or work meeting, you may be eligible to claim costs such as food, transport and accommodation. Be sure to keep thorough records, appropriately differentiate the percent that’s personal or business and keep receipts!! We recommend using Xero & Receipt Bank, it’s a serious game changer especially if you’re a blogger on the go. Receipt bank is an app you download on your phone and all you need to do is open the app and take a picture of your receipt when you get it. Its that simple the app does the rest and integrates it into your Xero account. Xero is online accounting software that allows you to access your financial information, have automatic bank reconciliation and see your cashflow at any time and from anywhere using the mobile app.
Avoid the temptation to claim everything unless you are sure. Keep thorough records and receipts. Make sure you claim an appropriate proportion compared of the business expense compared to the personal expense, the ATO looks closely at this.
**The material and contents provided in this article contains general information and does not take into account your personal objectives, financial situation or needs. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, please contact Peer Wealth on (02) 8014 7608.