Creative businesses and professionals are in an interesting position with regards to deductions, as many of us are individuals, small businesses, and professional artists. It’s super important to double-check all of your supposed deductions with your accountant or directly with the ATO, as there is an awful lot of surprisingly grey area around some claims.

Monica Davidson, the doyenne of Creative Plus Business has written this excellent blogpost for artists and creatives on the key things to think about when getting ready for your tax return. These key things include:

• your Assessable Income

What counts as assessable income (these may include fees for professional work including wages, paid invoices and grants.

• Tax Deductions and Claims

What can you claim as deductions for expenses incurred in running your creative business? These may include equipment and materials, home office, travel and operating expenses.

Read more of Monica’s blog for some more great resources to help you during tax time: https://creativeplusbusiness.com/tax-time-for-creative-business/