Just a few short weeks ago, we entered into a new Financial Year. While not quite as exciting as a genuine New Year (and Prince definitely never wrote a party track about it), it’s an important chance to get your finances in order and hopefully, get a healthy tax return.
As musicians with many different sources of income, nobody expects you to have a perfectly ordered financial system in place, or to even understand the mountain of acronyms from ATO to BAS to PAYG and beyond, BUT! with our handy Tax Info For Musicians Guide, we hope to help demystify the process and have you rollin’ in a pit of money, Scrooge McDuck style, in no time.
In this guide we’ve attempted to cover a variety of situations and give you some basic information to arm yourself with.
The Australian Music Industry Network (AMIN) and MusicNSW have developed a detailed tax checklist for musicians that includes advice on how to set up a business, registering for GST, and what artists can claim when preparing their tax returns.
This resource was developed in consultation with industry and with assistance from entertainment law firm Simpsons and financial services company Moneypenny.
For more information, download our Tax Info Pack here.