As crazy as it sounds, you do need to declare gifts as income, the Inland Revenue Department (IRD) have made it clear ‘If content creators do not want to be taxed on receipt of a non-monetary item, they should not accept the item.’
If you receive non-cash benefits to promote, such as gifts, hotel accommodations, travel benefits, or other significant kickbacks, be prepared for the IRD to closely examine your tax return.
Brands and content creators alike are using social platforms not only to promote themselves, but their products as well and just as we are spending hours watching, so are the IRD!
To navigate the complexities of influencers taxes, it is recommended to collaborate with a registered tax agent well-versed in the intricacies of the platform.
Simply get in touch using the form in our website to see how we can help take the stress out of tax time.