Tax & Accounting for Artists with Michael Fox
In this episode of The Creative Kind, I talk with Michael Fox, an experienced Australian arts accountant and director of Fox Galleries, about tax and accounting issues specifically for artists. We discuss the importance of treating an artistic practice as a business for tax purposes. Michael clarifies the tax reporting requirements for artists in different circumstances, including when activities transition from hobbyist to business status. The conversation also touches on common mistakes artists make in tax reporting, the significance of claiming expenses correctly, and the practical steps for managing receipts and bookkeeping. Michael emphasizes the critical role of good record-keeping and timely submission of tax returns to avoid penalties. We also explore topics like superannuation for self-employed artists and the nuances of GST for artists. We talk about the importance of clear communication between artists and galleries about financial transactions and practical advice on navigating the complexities of tax systems tailored to the arts sector.You can find Michael Fox's Accountant and Art Valuation website here and the Fox Galleries hereYou can find the podcast hereThanks so much for listening! Feel free to rate, review & share if you enjoyed it, this helps other people find the show Hosted on Acast. See acast.com/privacy for more information.