Influencer Tax Tips for Those with Side Hustles
- Arnold Shields
- Jul 29, 2024
- 3 min read
Updated: May 12
Managing Multiple Income Streams: Tax Tips for Influencers with Side Hustles
For many influencers, brand deals aren't the only income they rely on. Side hustles, like freelancing, product sales, or digital services, often form a major part of their earnings. But juggling multiple income streams can quickly complicate your tax situation. That’s where strategic tax planning comes in.
At Dolman Bateman, we specialise in tax solutions for influencers, creators, and online business owners. Here's how to stay compliant and maximise your after-tax income.
Understand Your Income Streams
Knowing where your money comes from is the first step. As an influencer, your income might include:
Sponsorships and Brand Deals – Payment for promoting products or services.
Ad Revenue – Money earned from platforms like YouTube or blogs.
Affiliate Marketing – Commissions from affiliate links.
Freelance Services – Extra income from writing, consulting, or photography.
Product Sales – Revenue from digital courses, merch, or online shops.
Each stream may come with different reporting and tax requirements.
Register for an ABN
If you're conducting business in Australia, you’ll need an Australian Business Number (ABN). It’s required for issuing invoices, claiming GST credits, and confirming your business status with the ATO. If your turnover exceeds $75,000 annually, you must also register for GST.
Maintain Accurate Records
Good record-keeping is essential. Use accounting tools like Xero or QuickBooks to track:
Income by source
Business-related expenses
GST where applicable
This ensures you're ready at tax time and helps maximise your deductions.
How to Separate Personal and Business Expenses
Keeping personal and business finances separate is key to avoiding ATO trouble.
✅ Open a Separate Business Bank Account
This will simplify income tracking and expense reporting.
✅ Use Accounting Software
Automatically categorise transactions and keep digital records.
✅ Keep All Receipts
Store them digitally in cloud folders or attach them to transactions in your accounting system.
✅ Track Your Time
For mixed-use items (home internet, phone, car), log how often you use them for business to claim partial deductions.
Smart Tax Planning Strategies
Take a proactive approach to your tax:
✅ Claim Every Legitimate Deduction
Common influencer tax deductions include:
Home Office – Proportion of rent, electricity, and internet
Tech & Equipment – Cameras, phones, software, and subscriptions
Travel – If it’s directly related to your business activities
Professional Fees – Tax agents, legal advice, or marketing consultants
✅ Make Superannuation Contributions
Voluntary contributions are taxed at just 15%, which is usually lower than your income tax rate—and it helps secure your financial future.
✅ Use Income Averaging
For influencers with volatile earnings, income averaging can smooth out tax over several years, reducing your liability in high-income years.
✅ Consider Quarterly PAYG Instalments
To avoid a big bill at EOFY, pay in smaller chunks throughout the year if your earnings warrant it.
When to Get Help
Professional tax advice can save you thousands. An experienced accountant can:
Ensure compliance
Identify overlooked deductions
Help structure your business efficiently
Manage GST and PAYG obligations
The Bottom Line
Managing multiple income sources doesn’t have to be overwhelming. With the right setup, smart tracking, and solid planning, you can stay on top of your tax and protect your hard-earned income.
Need help? Call us at 02 9411 5422 or get in touch to speak with a tax expert who understands the influencer economy. We’re here to help you succeed, on the platform and off.
Disclaimer: The information provided in this article is general in nature and does not constitute personal financial, legal or tax advice. While every effort has been made to ensure the accuracy of this content at the time of publication, tax laws and regulations may change, and individual circumstances vary. Dolman Bateman accepts no responsibility or liability for any loss or damage incurred as a result of acting on or relying upon any of the information contained herein. You should seek professional advice tailored to your specific situation before making any financial or tax decisions.
