Music Tax and Financial Record-Keeping
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Tax, book keeping, record keeping.... it doesn't have to be the big deal many people seem to think it is. We talk to some of Australia's finest music accountants and DIY self-managed artists for some handy tips on how to manage their books, what artists and music businesses can claim on tax and mistakes to avoid.
Working on financial management and tax may affect the motivation needed to charge through your music career. However, like anything, with direction comes motivation. Some of Australia's finest music accountants and DIY self-managed artists gave us guidance on how to embrace the workflow, benefits and tools of book keeping and tax.
| Module 1 | What Can a Music Accountant Do For You? | |
|---|---|---|
| Hiring an accountant may not seem very rock 'n' roll, but there are a lot of great things accountants can do to help you (and your bank balance). | ||
| Unit 1 | Peter Bayliss - How Can an Accountant Help? [1:22] | |
| Unit 2 | Scott Maughan - What An Arts Accountant Can Do For You? [2:30] | |
| Unit 3 | Tom Harris - How Can a Music Accountant Help You? [0:47] | |
| Module 2 | Upside for Having Organised Financial Records | |
| What are the advantages for artists who keep their financial records well organised? | ||
| Unit 1 | Peter Bayliss - Advantages of Keeping Well Organised Records [0:39] | |
| Unit 2 | Scott Maughan - Advantages Of Keeping Well Organised Books [2:02] | |
| Unit 3 | Tom Harris - Advantages of Keeping Well Organised Books [0:46] | |
| Module 3 | Budget Planning | |
| Learn how booking keeping and understanding tax assists with budget planning for projects like recording, touring, merch etc. | ||
| Unit 1 | Peter Bayliss - How Does Book Keeping Help Assist Budget Planning? [2:52] | |
| Unit 2 | Scott Maughan - How Does Book Keeping Assist With Project Planning [1:52] | |
| Unit 3 | Tom Harris - How Does Book Keeping Assist With Project Planning? [1:47] | |
| Module 4 | Book-Keeping System | |
| How do leading industry folk do their books? Learn what their system is for gathering receipts and keeping track of their finances. | ||
| Unit 1 | Peter Bayliss - Keeping Track of Your Finances [1:15] | |
| Unit 2 | Scott Maughan - Book Keeping Systems [1:40] | |
| Unit 3 | Scott Maughan - Keeping Track Of Your Finances [1:40] | |
| Unit 4 | Scott Maughan - Why You Should Stay On Top Of Your Finances [1:52] | |
| Unit 5 | Tom Harris - Keeping Track of Your Finances [1:35] | |
| Module 5 | What Can You Claim on Tax? | |
| Making money in the music industry is tough enough as it is - learn what you can claim on tax to make sure your bank balance doesn't hurt unnecessarily. | ||
| Unit 1 | Peter Bayliss - What Can Be Claimed on Tax? [1:46] | |
| Unit 2 | Scott Maughan - What Can Artists Claim On Tax? [4:01] | |
| Unit 3 | Tom Harris - What Can Be Claimed On Tax? [2:39] | |
| Module 6 | Should an Artist Register for GST? | |
| What are the pros and cons of registering for GST? | ||
| Unit 1 | Peter Bayliss - Should You Register for GST? [1:09] | |
| Unit 2 | Scott Maughan - Should An Artist Register For GST [3:13] | |
| Unit 3 | Tom Harris - Should an Artist Register For GST? [5:08] | |
| Module 7 | What Happens If You Don't Keep Financial Records or Do Your Tax For a Few Years? | |
| There are some downsides if you don't keep track of your finances or do your tax. Hear the warnings and learn the best course of action from the finest folk in the business. | ||
| Unit 1 | Peter Bayliss - Consequences of Not Doing Tax [1:18] | |
| Unit 2 | Scott Maughan - Consequences Of Not Doing Your Tax For Many Years [2:02] | |
| Unit 3 | Tom Harris - What Happens If You Don't Do Your Tax For Ages? [3:06] | |
| Module 8 | Common Mistakes | |
| What are the common mistakes artists make when doing their books and tax? | ||
| Unit 1 | Peter Bayliss - Common Mistakes [1:19] | |
| Unit 2 | Scott Maughan - Common Music Book Keeping / Tax Mistakes [1:29] | |
| Unit 3 | Tom Harris - Common Mistakes [2:03] | |
| Module 9 | Tips and Tools for Doing Your Books and Tax Returns | |
| Learn some extra tips and tools for doing your tax and keeping track of your finances. | ||
| Unit 1 | Peter Bayliss - Tax Resources [1:07] | |
| Unit 2 | Scott Maughan - Tip And Tools [3:56] | |
| Unit 3 | Tom Harris - Tax Tips and Tools [3:41] | |