Thank you for this interesting post. Can you tell me how the ATO looks at Steemit rewards? Are they considered income?
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Thank you for this interesting post. Can you tell me how the ATO looks at Steemit rewards? Are they considered income?
Hi @orenshani7
It depends on your personal circumstances. I think (and I emphasis that this is opinion not fact) that in most cases the answer is no. It would be classified as a hobby (unless you were a professional blogger or journalist etc). Income produced from a hobby is generally exempt, but I believe its only up to a certain limit. Having thought it about some more after some of the comments I have received, this topic will probably end up being a post in itself, as it will get quite complicated.