The ‘End of Financial Year’ is already upon us… it’s time to get your tax filing together. Are there any significant changes this year? As an artist or musician… are you best set up for your taxes as individuals or as a band?
4ZZZ’s Eliot Rifkin and Toni Pankaluic chatted with Chanelle Michael, the Director of Accounting & Business Services about Accounting for Musicians and Artists as well as some changes for us audience folk.
for a deep dive…
If you'd like to talk to Chanelle or Max (tech - Twitch, Patreon, Spotify...) visit their website and blog.
You can register your business ABN here and download an Excel spreadsheet template for record keeping by categories. Additionally, the ATO has a pdf "If you're a performing artist it pays to learn what you can claim" to download to help you with your deductions.
As mentioned, Work-From-Home has also had changes, you can no longer just work out an average of hours per week – you have to specifically record the hours daily. Chanelle has an excel worksheet 'Diary 2023 Home Office' template to both help you keep organised as well as take advantage or what you're entitled to.
Some helpful apps include the ATO app which helps manage both your taxes and your Super as you go – making the year-end tax filing easier. You can access the myDeductions tool through the ATO app which keeps receipt photos, invoices and other records in one place. You can create a logbook and automatically record business-related car trips working off SatNav (GPS) which calculates your kms.
The Microsoft Lens app can ensure your receipts don't fade with time, as well as crop, enhance, scan, and make whiteboard pictures and documents more readable. You can use Microsoft Lens to convert and import images into various file formats and it can directly upload into your One Drive.
Download these apps (via your phone or tablet) Both apps are free:
- ATO app (Google Play | Apple Store)
- Microsoft Lens (Google Play | Apple Store)