Arts Accounting and Tax Health Check: Tips, Tricks and Traps

This is a past event.

If you’re an artist, run an arts organisation, or simply work in the sector, let us simplify your grants acquittal processes, introduce you to new accounting standards and expand on your arts organisation’s obligations when it comes to tax generally, and especially Fringe Benefits Tax.

We are sure that you will also come away with a few tips for claiming personal tax deductions too!

On Monday 30 July, we ran a two-part special event:

Workshop: 2 – 5pm
Leading Sydney arts accountant and auditor, Steven Miller, presented on accounting matters that affect your arts organisation now and in the future. This workshop provide the tools to improve your organisation’s financial reporting and control its cash reserves:

  • How can arts organisation better manage their cash reserves?
  • How can I dispense with excel spreadsheets that calculate and recognise my project grant income, by letting accounting software do the hard work?
  • What will the new Accounting Standards (AASB 15, AASB 1058 and AASB 16) that come into effect on 1 January 2019 mean for me and my arts organisation?

Seminar: 6.00 – 7.30pm
Then from 6pm to 7.30pm we offered a rare opportunity to hear directly from the Australia Tax Office. Michael Majoor, a 35 year veteran with the ATO, has particular expertise with small businesses and individuals, and the new ATO app and tax rules. He shared advice to avoid common mistakes and incorrect tax claims, and fielded questions such as:

  • How do I use the new ATO app to better manage my expenses, finances, and super in real time?
  • What can I rightfully claim?
  • Can I claim depreciation for my car or my musical instrument?
  • Are cinema and theatre tickets tax deductible if I work in that area?
  • What can I claim for my home office or studio use?
  • What’s the deal with fringe benefits tax? eg., travel, car use and entertainment/hospitality.
  • What common mistakes can I avoid when preparing my tax return