The Financial Dominatrix

Hi Scott,

I am 24 and do financial domination on the side, out of my normal working hours. Income goes into my account for this, which is mostly gifts, the rest as payment for videos. I am doing pretty well — by the end of this financial year I think I will have doubled my income. But I am scared no one will talk to me seriously about this, as sex work is gasped at everywhere I look. My real question is, should I have an ABN set up, or continue as normal and add it to my tax return? 

Barbara

Hi Barbara,

First, yours is easily the wildest question I’ve had in 2018.Well done.

Second, I’ll admit that I actually had to google ‘financial domination’.

Here’s how the interwebs describe it:

“The fetish of financial domination basically entails men (or ‘pay pigs’ as they’re known within the fi-dom world) transferring large sums of money to women over the internet. The nuances vary, but a relationship can stretch anywhere from a pay pig sending his dominatrix $30 a week to donating the vast majority of his earnings and having his dom take full control of all his finances.”

Third, any men who get their rocks off this way, please email me!Finally, let me answer your question. You say that “no one will talk to me seriously”, but I can assure you the Tax Office most certainly will. One way to become more legit is to go to the Australian Business Register (abr.gov.au) and apply for an Australian Business Number (ABN). It doesn’t cost anything, and you’ll get it immediately.

It’ll also help should you want to register your business name (my suggestion: Financial Domination R Us), help you with the ID to get a bank account, and if you ever want to issue an invoice (which may well be a trophy for a submissive client), you’ll be able to quote your ABN number and not get hit with withholding tax.

Still, you don’t need to worry about GST until you’re turning over at least $75,000 a year. Until that point you can run the business as a sole trader and simply report the income in your individual tax return, using the section for ‘business items’ to show your income and expenses.

Scott