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...

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,...

Really working those ASSets? 

Thinking of working in the adult entertainment industry?

The statement ‘your body, your business’ couldn’t be more true, and in more ways than one. The money you are earning is not magical free money with no obligations or tax, and it needs to...

It’s that good, we have to tax it. 

GST means goods and services tax. It's a 10% tax applied to most products and services in Australia. This is a tax that is designed to tax the end consumer. It’s almost like when you register for GST you work for the ATO, because you start...

 This is me! Maybe it’s also you? 

There are so many beautifully unique people coming to Adelaide each year for the Adelaide Fringe; performers, producers and support crew from all over the world. Hopefully you make some money while here, but what happens when it comes to tax?

...

 Everyone has a Tax File Number (TFN), and some have an Australian Company Number (ACN) or Australian Business Number (ABN) but now some people are also going to need a Director ID Number. So many ways to identify you!

WHAT

This is a new thing, launched 1 November 2021. It will be a...

How to save for tax

We often welcome new clients to The Real Thiel family that have a few outstanding tax returns to lodge. The first step to being on top of tax is to get everything lodged, and then to pay the ATO everything they’re owed. Clean slate.

When you have a tax bill to pay, this...

Personal Services Income

This question is in everyone's tax return, and you have to answer it… correctly!

“Did you receive any personal services income?” 

People often get stumped by this one, but the main thing to remember is that it’s not necessarily a...

1. Pros and Cons List
   Classic - this has to be the most common way of making big decisions. We draw a line down the centre of the page and start noting the pros and cons of the decision. 
   
   
2. Take Time
   Some things need an urgent response but if you can give yourself even just a few days it might...

Oh the places you’ll go! 

Your job or your business activities might require you to travel nationally or even internationally. These trips come with added expenses, so it is important to understand what records to keep and what you might be entitled to deduct at tax time.

What are...