A top earner on OnlyFans, the popular content platform, recently voiced her frustration after receiving a tax bill of over $400,000.
In the last five years, OnlyFans has skyrocketed in popularity, gaining widespread recognition for its diverse content.
It draws in both everyday people and celebrities, including musician Lily Allen, who delves into niche fetishes on the platform.
While this platform can be incredibly lucrative, it doesn’t guarantee high earnings for everyone.
Although some people regret sharing too much on the platform, it’s evident that the experience varies for everyone.
For Annie Knight, one of OnlyFans’ top models, however, the financial rewards have been significant.
She is among the top 0.02% of earners on OnlyFans, highlighting her remarkable success.
At just 26, Knight has successfully transformed her content into a highly profitable business.
Towards the end of last year, she disclosed that her monthly earnings were about 101,000 Australian dollars, roughly $67,914 – a substantial amount by any measure.
Knight knew that her income would lead to a substantial tax bill, as it would place her in one of the highest tax brackets in Australia.
Even though she was prepared, the final tax amount still came as a shock.
To handle her finances responsibly, Knight described her strategy for saving for taxes:
“I put away 50 percent of my earnings into a separate account for tax, and then when tax time rolls around.”
“If I have extra money in there, I just transfer it back to myself and pay the tax bill,” she explained in an interview with news.com.au.
Still, when faced with a tax bill of A$405,000 ($272,330), it was a hard pill to swallow.
“It sucks that I could literally buy a house with that money, but also, I get we all have to pay our taxes.”
“I just wish we didn’t get punished for earning more money than other people. I think the highest tax bracket should be 30 percent for individuals,” she said.
Despite the initial shock of the amount, Knight realized she had overestimated her tax liability:
“I’m really good with my money and taxes and had been putting away 50 percent of my earnings for tax so the tax bill was actually way lower than I thought it would be.”
“I actually transferred myself back about $100k from my tax account, which was a nice little end-of-financial-year present to myself.”
Despite the hefty tax bill, Knight is still satisfied with her financial situation.
She isn’t concerned about money, believing that financial stability greatly contributes to a happier life.
Knight values her fortunate position and often acknowledges how it boosts her overall well-being.
