Adult Industry Tax Returns:
If you work in the adult industry, the chances are you may be in a situation where you may be paying substantial amounts of tax depending on the income you generate from your work/activity. We have experience dealing with such circumstances and are aware of the deductions you may be eligible to claim in such a situation. An adult industry tax return is different in many aspects to a standard tax return. You may be eligible to claim a myriad of expenses which the standard worker on a PAYG job may not be able to. Your work/business is similar to any other work, where you can generate income from services rendered and you may have expenses such as travel, accommodation, costumes, advertising and more.
Generally speaking, all incomings are income. Many adult industry tax returns are based on a business income and if you fall in this category, we can also help with lodgment of Business Activity Statements as well as bookkeeping.
If you do use a point of sale, we can reconcile income from such point-of-sale devices and record it into your accounting/bookkeeping software.
If you are looking to claim a car related deduction as business use vehicle on your adult industry work tax return, we suggest you maintain a log book for all your travels. Sizeable deductions can be achieved by way of maintaining a log book. You can not only claim the actual decline in market value of the vehicle but all of the running cost of the vehicle including interest payments, insurance, Registration, Fuel costs, repairs and services. In the absence of a log-book you may only be eligible to claim for up-to a maximum of 5000Kms per annum and this would exclude important deductions such as depreciation and other actual expenses.
We have a list of deductions you would be eligible to claim given your adult industry work and we are more than happy to share this checklist with you to guide you with regards to what can and cannot be claimed.
Our fee for a adult industry work standard PAYG tax return is between $110 to $140 per tax return and our fee for an Adult industry work BAS starts at $110 too.
If you are looking for an accountant to receive tax planning advice or/are looking to buy a property and/or already hold an investment property and require assistance with completing a rental schedule, we have experience dealing with such circumstances and can help you create a tax efficient strategy and structure your investments accordingly.
We have helped other clients lodge thousands of tax returns over the last many years and have experience dealing with many complex tax circumstances too. If you wish to discuss your circumstances, we are just a phone call away.