Income Averaging - we know you are not ‘average’ by any means, but the ATO have a special rule for people with special income that might help smooth things out in the long run.

Income Averaging is a type of tax relief that the ATO offers to ‘primary producers’ and ‘special professionals’. The commo...

Sing it with me… we are family! 

Tax time may sound like a snooze-fest, but hold on tight because we're about to reveal a treasure trove of tax benefits designed especially for parents like you. We get it – raising a family can be expensive, but did you know that the Australian tax system has some ...

A Guide to Grants, Prizes, and Awards for Creatives in Australia: Taxation, Unearned revenue, and GST Implications

Grants, prizes, and awards play an important role in supporting and recognising the talents and accomplishments of creatives. However, knowing the tax and GST (Goods and Services Tax) ...

Invoices Made Easy

In the world of business, invoices play a vital role in keeping track of finances and ensuring smooth transactions between buyers and sellers. Whether you're an experienced entrepreneur or just starting your own business, it's crucial to understand what an invoice is and how it f...

NFTs: A Deep Dive into the Revolutionary World of Digital Assets

The world is always changing, and we once again find the world asking - is this art? And accountants asking - what the hell do we do with this? Often the world moves faster than accounting law so we have to do our best to keep up and ...

Understanding Income Tax Account and Activity Statement Account for Creatives in Australia

Ever get those pesky emails saying there’s a message for you in MyGov?

And then ignore it?

Best not to do that… 

If you haven’t linked your MyGov account to the ATO, there’s instructions here.

Your MyG...

WHAT IS PARTNERSHIP?

Partnerships are one of the most popular forms of business structure that allows two or more (up to 20) people to come together and share in the profits and losses of a business venture. That said, please don’t just go and register your own Partnership - even though it seems fr...

Debt Free in 12-months

1. Get our budget package | Click here (<$50)

Or, for $30 or $0 even! Just buy or borrow some of these books (and continue reading this blog):

1. The Barefoot Investor
2. Budgets Don’t Work, But This Does
3. Ditch The Debt and Get Rich

Credit: this summary below is create...

Home Office Expenses 2023 update

We wrote a blog a little while back about how to make a claim for using your home for employment work or your own business work here but...

The method by which taxpayers claim deductions for costs incurred when working from home has recently been updated by the A...

Are you spending money and getting it covered by your employer?

It may be one of these 3 forms:

1. Reimbursements
2. Per diems
3. Allowances

These are all important forms of compensation for creatives in Australia. These payments help to cover expenses that may be incurred while on the job, such a...