Entertainment Celebrities hit with 'fame tax' in budget

23:06  08 may  2018
23:06  08 may  2018 Source:   thefix.nine.com.au

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Celebrity . "Anyone on a working holiday in Australia will have to pay tax from their first dollar earned, rather than enjoying a tax -free threshold of nearly ,000," Treasurer Joe Hockey said in his budget speech.

Celebrities will be hit with new rules on their image rights to make sure they're not dodging their income tax.

Tuesday's federal budget contains a 'fame tax' that will make sure celebrities and high-profile people who licence their image rights to other companies pay tax on all the income and non-cash benefits they receive.

Celebrities can currently licence their image rights to a business, which can claim losses on the investment, and then pay just 30 percent tax on the profits.

"This measure will ensure that all remuneration (including payments and non-cash benefits) provided for the commercial exploitation of a person's fame or image will be included in the assessable income of that individual," the 2018/19 budget says.

The money raised from the change is "unquantifiable", the budget said.

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