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Taxation for Artists

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Group Ten

on 22 October 2012

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Transcript of Taxation for Artists

Taxation for the Artist treating your art practice like a small business Paying taxes as an artist involves... This includes such activities as Bookkeeping having the intention of making an income/profit from your work on a long-term basis the consistent effort to maintain this business approach to your practice formal or written contracts when making a sale or service use of people with commercial expertise, e.g. an accountant, lawyer, business manager,PR. building up a public reputation as an artist and raising awareness of your work for an audience and potential market (e.g. exhibiting and advertising for those exhibitions) devoting the majority of your time to creating artwork the same way as other regular businesses are maintained Helpful Resources http://www.australiacouncil.gov.au/__data/assets/pdf_file/0019/32455/01_intro.pdf
http://www.artslaw.com.au/articles/entry/artists-and-the-gst-the-confusion-stops-here/
http://www.ato.gov.au/content/00313896.htm
ABN Application: http://www.ato.gov.au/businesses/content/15772.htm
http://tax4artists.tumblr.com And of course, paying taxes Applying for ABN, GST, and Tax File Number where necessary. Interview with your friendly neighbourhood Bookkeeper Interview with an accountant Australian Business Number (ABN) A number that differentiates your business from others
Must be running a business in Australia
ABN must be on all invoices and other sales documents
Essential for tax purposes, and applying for GST.
Without one, other businesses may withhold 46.5% of any money they are to pay you, for tax purposes.
Apply online: https://abr.gov.au/ABRWeb/Apply/Abn/ApplicationDetail.aspx?Task=a32b483c-4c51-4cc5-ae4b-79bc8e82966f&NavGraph=ApplyForAbn&View=ApplicationDetail&pid=71&js=1 required to be registered for GST if your annual turnover (or projected annual turnover) is $50,000 or more
confirm whether the Gallery commission percentage includes or excludes GST. GST (Goods and Services Tax) Interview with an artist Tax file number

How to apply for tax file number
Consequences of not giving tax file number Things to consider when claiming for your tax return:

- Each will be specific to your artistic practice.
- Consider what makes an expense an allowable deduction?

According to the ATO you can claim most expenses you incur in running your business as deductions to reduce your taxable income. They can be divided into categories such as:
Continuing education
Promotional expenses
Travel
Communication costs
Supplies and expenses
Equipment purchases Continuing Education:- Gallery visits and talks- Master classes or private lessons- Conferences- Tickets to special eventsPromotional Expenses:- Printing costs for> Business cards> Advertising for announcing a show/exhibition- Photographer fees Travel:- Attending meetings with clients, art directors, curators for work/new exhibitions- Museum and gallery visits- Parking fees and tolls- Business trips out-of-town- Airfares, car hire for overseas business Continuing Education:- Gallery visits and talks- Master classes or private lessons- Conferences- Tickets to special eventsPromotional Expenses:- Printing costs for> Business cards> Advertising for announcing a show/exhibition- Photographer fees Travel:- Attending meetings with clients, art directors, curators for work/new exhibitions- Museum and gallery visits- Parking fees and tolls- Business trips out-of-town- Airfares, car hire for overseas businessCommunication costs:- Internet services- Phone services > Landline or mobile- Skype Continuing Education:
- Gallery visits and talks
- Master classes or private lessons
- Conferences
- Tickets to special events

Promotional Expenses:
- Printing costs for> Business cards> Advertising for announcing a show/exhibition
- Photographer fees

Travel:- Attending meetings with clients, art directors, curators for work/new exhibitions
- Museum and gallery visits
- Parking fees and tolls
- Business trips out-of-town
- Airfares, car hire for overseas business

Communication costs:
- Internet services
- Phone services > Landline or mobile Supplies and Expenses:
- Art magazines, books, journals
- Stationary and office supplies
- Legal and accounting fees
- Rent for studio and/or gallery space
- Specific items required for your individual practice such as brushes, paints, paper, canvas, film, hardware supplies, clay, fabrics, tools etc.

Equipment Purchases:
- Camera and lenses
- Computer or laptop
- Darkroom equipment
- Easel
- Power and hand tools
- Work bench

(Considered capital expenses) - HIGHLY RECOMMEND YOU CONSULT A TAX AGENT.

Search engine such as True Local are helpful ways to look for an agency closest to you.
- For example:
* H&R Block tax accountants 13 23 25
* Express Tax Office 1300 019 801
* NetWorth Accounting (02) 9281 4067
* A D Danieli Financial Services (02) 9290 3099
* Tax Effective Accountants (02) 9223 4378
* MJZ Accountants (02) 9262 1045
* All Sorted Bookkeeping Solutions 1300 135 914
* Minnik Pty (02) 9879 6372
* My Mother Hen (02) 8218 2156 - The benefits of consulting a tax agent:

> They have to adhere to very high standards and be registered by the Tax Practitioners Board

> They will ensure you get the correct amount back in your tax return.

> They are up to date with any amendments or new laws and regulations

> Trustworthy

> Can assist with other financial planning

> You can stress less

> Avoid confusion and mistakes required to be registered for GST if your annual turnover (or projected annual turnover) is $50,000 or more
confirm whether the gallery commission percentage includes or excludes GST
determine monthly income
Apply online: www.iras.gov.sg/irasHome/page04.aspx?id=9002 GST (Goods and Services Tax) For Emerging Artists to consider
Commission
Superannuation Managing Lump Sum Payments TFN (Tax File Number)
Full transcript