Author Topic: Paper On Crowd Funding Tax Implications (Oz)  (Read 2113 times)

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Offline EEVblog

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Offline MadModder

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Re: Paper On Crowd Funding Tax Implications (Oz)
« Reply #1 on: June 07, 2016, 01:50:49 am »
Over here, reward based crowdfunding income is treated as any other labour income revenue for sales of goods and services. Depending on how successful the campaign is, the taxes can be ridicuolusly high.
The other kinds I don't know about.

[edit]
not labour... doh
« Last Edit: June 07, 2016, 01:56:50 am by MadModder »
 

Offline snoopy

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Re: Paper On Crowd Funding Tax Implications (Oz)
« Reply #2 on: June 07, 2016, 03:11:53 pm »
What about the smaller perks to get your name on the hall of fame list, paraphernalia etc ? Aren't these pledges considered donations ? In fact aren't they all donations given that there is no obligation to supply the person with the purported product ? I think governments have got a cheek to tax start-ups like this :(

 

Offline EEVblog

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Re: Paper On Crowd Funding Tax Implications (Oz)
« Reply #3 on: June 07, 2016, 03:18:39 pm »
What about the smaller perks to get your name on the hall of fame list, paraphernalia etc ? Aren't these pledges considered donations ? In fact aren't they all donations given that there is no obligation to supply the person with the purported product ? I think governments have got a cheek to tax start-ups like this :(

If you wanted to then yes, those sorts of things can be classed as donations (and hence tax free). But they are usually very small parts of most  campaigns.
 

Offline EEVblog

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Re: Paper On Crowd Funding Tax Implications (Oz)
« Reply #4 on: June 07, 2016, 03:19:33 pm »
Over here, reward based crowdfunding income is treated as any other labour income revenue for sales of goods and services. Depending on how successful the campaign is, the taxes can be ridicuolusly high.

In Oz you only pay 30% company tax on your company profit at the end of the years (after wages and expenses)
 

Offline MadModder

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Re: Paper On Crowd Funding Tax Implications (Oz)
« Reply #5 on: June 08, 2016, 05:50:15 am »
I did some reading.
Income from selling services counts as labour income, and the taxes is calculated accordingly. Over €200000 one month and the tax is 57%...
Income over €5400 from selling goods at one single time is taxed 30%, and it is payed after sending in the income tax return papers, or whatever you call it, at the end of the year.
So that part is actually the same here. Our financial year is split in may, and the result is presented in august or september somewhere for companies.

It's hard to have a small company and do all the paperwork yourself, so an accountant is often used. Saves a lot of time. Luckily I have no company, so my paperwork is very simplified. I just log in to my account with the tax office mobile app and press a button to sign. :D
 

Offline EEVblog

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Re: Paper On Crowd Funding Tax Implications (Oz)
« Reply #6 on: June 08, 2016, 09:43:38 am »
It's hard to have a small company and do all the paperwork yourself, so an accountant is often used. Saves a lot of time. Luckily I have no company, so my paperwork is very simplified. I just log in to my account with the tax office mobile app and press a button to sign. :D

It used to be easy to do my own taxes when I was a sole trader. But now I'm a company it's like $3-4k per year for an accountant.
 


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