Actors, Performers, Writers & Theatre Crew save tax
Actors, Performers, Writers & Theatre Crew save tax with Special Professional Income Averaging
As an Actor and former Production Accountant himself, vTax Australia’s founder Nick has niche experience in a field most accountants have no knowledge of.
vTax Australia knows your industry, you won’t have to waste your time explaining what per diems and residual royalties are or what a boom swinger does.
Unique Tax Environment
The Australian Tax Office acknowledges working in the arts can mean your income is unpredictable and irregular, so the ATO has Special Professional Income Averaging provisions, so you’re not penalised for having the occasional good year and paying too much tax. In most cases the ability for “Special Professionals” to do this results in big tax savings especially in the early part of your career when it tough to break through.
Special Professionals Include
- Performing Artists
- Production Associates
You are a special professional if you use artistic rather than technical skills in the production. The people who qualify as production associates are specified in the definition of artistic support to be: an art director, a choreographer, a costume designer, a director, a director of photography, a film editor, a lighting designer, a musical director, a producer, a production designer, a set designer and any person who makes an artistic contribution similar to that made by any of these people.
- Authors & Inventors
- Sports Persons
Nick has a thorough understanding of these unique tax provisions often creating favourable tax positions and better results than using a normal accountant that is unaware of the Special Professional Income provisions.
These links act as a guide to explain the principle of Income and “work related” deductions and highlights some of the typical deductions a performing artist of media professional my include in their deductions to minimise tax payable.
Nick recently did a presentation for The Media, Entertainment & Arts Alliance see the Notes