In this Fact Sheet 'How can artists best manage their money?' we turn our attention to the many ways that artists earn their income and see what is the best way for them to manage their cash flow.
Following on from the last Fact Sheet that was published in the June 2017 Newsletter, the next step is to examine the issues of ABN or Australian Business Number and GST or Goods and Services Tax registrations.
In our last edition , we looked at the criteria that the Australian Tax Office (ATO) consider when they examine whether an artist is carrying on a bona fide arts practice.
We have decided to prepare a series of ’Fact Sheets‘ that encapsulate basic information on how to start an arts business and, once started, how to successfully run this endeavour. In this edition of the Newsletter we will outline the steps that artists need to take to ensure that they are making tax claims as a ‘business’.