Swyftx has had to make a slight adjustment to the way our Referral Commissions get paid out via the Affiliate Program!
Referral commission revenue is subject to GST regulation in Australia, which currently sits at 10%. For some, this is paid separately as a part of your tax liabilities associated with your GST registered ABN. For the rest, which will likely be the majority of Swyftx users, who are simply referring friends to the platform as a hobby/recreational pursuit, or have a non-GST registered ABN, the relevant GST amount will be accounted for on your behalf prior to these commissions being paid out.
What do I need to do?
A new option has been added under Profile -> Refer A Friend, as per the screenshot below:
From there, if you have a registered ABN, select 'Yes' and enter it on the resulting screen. From there, you can select whether or not this ABN is GST registered.
If this does not apply to you, please select 'No' and you will be presented with the following options:
If you do not intend to use the Referral feature extensively and are not likely to exceed $75 AUD / month in commissions then you can select the first option.
If you approach your Swyftx Affiliate activity as a private recreational pursuit / hobby, then you would select the second option there, which likely applies to many casual Affiliates using the platform.
How will these Commissions be paid out going forward?
Moving forward, all commission generated through the affiliate program will be credited directly to your Swyftx account balance, rather than directly to an AUD bank account or BTC wallet address, as was an option previously. No action is required to enact this change.
Finally, instead of only being paid out once $50 of commission revenue has been accrued, this has now been reduced to every $10 so pay-outs will be more frequent!
This new system is automated so should not be any delays moving forward for regular pay-outs.
If you would like any further information on how to update your details, please don't hesitate to get in contact with us via live-chat.