Getting organised from the get-go this tax time - making sure your finances are in order may take a bit of work and practice but it can save you time down the track.
The end of the financial year is fast approaching. Getting ready for tax time and putting those returns together can be a tricky process. If you’re starting to stress about finding all your finances over the next few months it might be time to consider tidying up the way you manage your funds.
A few good first steps to take in that direction is to register your business name and open a business bank account.
Business net banking for the win
One of the first things I did when I started my business was set up my business bank accounts. Through net banking, I'm able to filter reports on dates for incoming and outgoing transactions which makes double checking budgets and managing finances/spreadsheets much easier.
Even if you conduct business as a sole trader and operate under your own name, I suggest creating a separate bank account to conduct business transactions through. This helps with keeping your personal money and business monies separate. Understanding where money earned from your artistic business is going and how much ‘personal’ money is invested is worth keeping track of.
Creating a spreadsheet to track your monthly incoming and outgoing resources will also allow you to budget and plan for projects. Setting this up at the start of a new financial year helps when tax time next comes around. Be sure to keep a hold of your receipts and that you have invoices before you make any payments.
Some Tax Time Help
'Flying Arts' is hosting ‘Tax and money matters for Artists’, a free online web session on the 10 July 2017 from 12-1pm. This is an introduction to Australian taxation regulations in relation to artists. Book in for this session to get a bit more of an understanding about doing your taxes and making sure you have everything you need to do them
Keep your eye out for other Flying Arts online workshops as they offer some great advice to artists year-round here.
If you’re a musician and you haven’t done your Performance Report for APRA/AMCOS for the last financial year you have until 31 July 2017 to get that one in too. This ensures that you get paid your live performance royalties. Make sure that you have your works registered with APRA/AMCOS so that your royalties are paid on all accounts.
Pic: Loic Djim
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