Earlier in the year we did a post defining many industry terms that are frequently used as a resource for parents - you can revisit it here >> Glossary of Terms
Now it's time for the financial terms - we have a few to keep it short and sweet - that define commonly used terms after your child has a job and is awaiting payment.
Tax-free threshold - The tax-free threshold has recently changed to $18,200. This means that children do not need to pay tax unless they earn over $18,200 per year (wouldn't that be great!).
Hourly rate - An hourly rate is an agreed amount where you will be paid per hour for the work that you do.
Fixed rate - A fixed rate is a set amount agreed upon for a booking (unlike the hourly rate).
Loadings - Loadings are paid in addition to the hourly or fixed rate. Loadings are usually unpredictable and we will only hear of these extra payments after the campaign or advertisement has launched, sometimes weeks after, sometimes months. This payment amount varies pending on where the images are displayed or where the ad is circulated. Generally, loadings come into play when the shots are used across different forms of media such as online, billboards or posters which wasn't the original intention for the campaign.
Commission - Commission is the amount of money deducted from paid jobs. This amount varies according to the type of job you did, how much you got paid, and how long you worked for. For example, jobs on a small scale like extra's work, will only get 10-15% deducted for commission. However large jobs that earn the big bucks, such as TV commercials may be higher at 20% commission. Whenever you do a job, you will be sent the gross total amount of payment for the job (amount before commission deducted) along with the amount that has been taken out, so you can see the full figure.
We encourage members to ask questions about aspects of the industry they feel unsure about so we are all on the same page, so remember you can give us a call or email on 1300 888 611 or firstname.lastname@example.org