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 1What 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 1Peter Bayliss - How Can an Accountant Help? [1:22]
Unit 2Scott Maughan - What An Arts Accountant Can Do For You? [2:30]
Unit 3Tom Harris - How Can a Music Accountant Help You? [0:47]
Module 2Upside for Having Organised Financial Records
What are the advantages for artists who keep their financial records well organised?
Unit 1Peter Bayliss - Advantages of Keeping Well Organised Records [0:39]
Unit 2Scott Maughan - Advantages Of Keeping Well Organised Books [2:02]
Unit 3Tom Harris - Advantages of Keeping Well Organised Books [0:46]
Module 3Budget Planning
Learn how booking keeping and understanding tax assists with budget planning for projects like recording, touring, merch etc.
Unit 1Peter Bayliss - How Does Book Keeping Help Assist Budget Planning? [2:52]
Unit 2Scott Maughan - How Does Book Keeping Assist With Project Planning [1:52]
Unit 3Tom Harris - How Does Book Keeping Assist With Project Planning? [1:47]
Module 4Book-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 1Peter Bayliss - Keeping Track of Your Finances [1:15]
Unit 2Scott Maughan - Book Keeping Systems [1:40]
Unit 3Scott Maughan - Keeping Track Of Your Finances [1:40]
Unit 4Scott Maughan - Why You Should Stay On Top Of Your Finances [1:52]
Unit 5Tom Harris - Keeping Track of Your Finances [1:35]
Module 5What 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 1Peter Bayliss - What Can Be Claimed on Tax? [1:46]
Unit 2Scott Maughan - What Can Artists Claim On Tax? [4:01]
Unit 3Tom Harris - What Can Be Claimed On Tax? [2:39]
Module 6Should an Artist Register for GST?
What are the pros and cons of registering for GST?
Unit 1Peter Bayliss - Should You Register for GST? [1:09]
Unit 2Scott Maughan - Should An Artist Register For GST [3:13]
Unit 3Tom Harris - Should an Artist Register For GST? [5:08]
Module 7What 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 1Peter Bayliss - Consequences of Not Doing Tax [1:18]
Unit 2Scott Maughan - Consequences Of Not Doing Your Tax For Many Years [2:02]
Unit 3Tom Harris - What Happens If You Don't Do Your Tax For Ages? [3:06]
Module 8Common Mistakes
What are the common mistakes artists make when doing their books and tax?
Unit 1Peter Bayliss - Common Mistakes [1:19]
Unit 2Scott Maughan - Common Music Book Keeping / Tax Mistakes [1:29]
Unit 3Tom Harris - Common Mistakes [2:03]
Module 9Tips 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 1Peter Bayliss - Tax Resources [1:07]
Unit 2Scott Maughan - Tip And Tools [3:56]
Unit 3Tom Harris - Tax Tips and Tools [3:41]

 

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