Michael
Fox

Arts Accountant & Valuer

Creative industries taxation

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  • Michael Fox

    Arts Accountant & Valuer

  • Home
  • Creative Industries Taxation
  • Tax planning
  • Art valuation & appraisals
  • Blog
  • Media
  • Contact

Why pay capital gains tax on the sale of art?

Special Event: Investing in Art

Entertainment expenses and the creative industries

Beware – new rules for Australians living overseas with student debt

What is income averaging and how do I apply?

Top 10 tax claims for artists and creative professionals

5 tax tips for serious art collectors

In support of the ban to sell ivory and rhino horn objects

Home Office Tax Deduction Alert

Tax and the Digital Economy

Backpacker Tax

‘Backpacker Tax’ employer registration deadline

Supporting Australian art – proposals to reform the taxation of artworks

Artwork Tax Deduction For Small Business

Important Tax Changes Post 2016 Federal Election

Overview of the 2016 Federal Budget

There has never been a more exciting time not to be an employee

Super art and the small business write-off measures – a strategy suggestion for SMSFs

Summary of announced tax changes in the 2015 Federal Budget

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Recent Articles

  • Now you can be a JobKeeper instead of a JobSeeker
  • Tax Stimulus Package To Be Broadened and Made Law
  • Tax Stimulus Package Announced
  • Artwork Tax Deduction Update
  • 2019 Federal Budget – Five Important Changes

Categories

  • Artists
  • Artwork tax deduction
  • Business tax returns
  • Capital gains tax
  • Car expenses
  • Census
  • Company tax
  • Depreciation
  • Employment in creative industries
  • Family trusts
  • Federal budget
  • GST
  • Home office tax deductions
  • Income averaging
  • Individual tax returns
  • Innovation
  • Liquidations
  • Negative gearing
  • Non-commercial losses
  • Non-resident taxation
  • Rental income
  • Resale royalties
  • Self-managed funds
  • Small business
  • Stimulus
  • Students
  • Super art
  • Superannuation
  • Taxation of the arts industries
  • Trust accounts
  • Uncategorised
  • Valuation

Contact

  • michael@artsaccountants.com.au
  • Melbourne Office
    + 61 3 8560 3583
  • 67 Wellington Street
    Collingwood, Victoria 3066
  • PO BOX 603 South Yarra VIC 3141
  • Hobart Office
    + 61 3 6108 9138
  • Level 6 Reserve Bank Building
    111 Macquarie Street
    Hobart TAS 7000
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Recent Articles:

  • Now you can be a JobKeeper instead of a JobSeeker
  • Tax Stimulus Package To Be Broadened and Made Law
  • Tax Stimulus Package Announced
  • Artwork Tax Deduction Update
  • 2019 Federal Budget – Five Important Changes

  • As an art teacher, I have a wage of more than $40,000 but as an exhibiting artist I sometimes spend more on materials than I receive in sales. Particularly when I am preparing for a big show. I did not realise, until Michael explained it to me, that the loss on my practice could not be deducted from my teaching wage unless I met certain conditions. Michael was able to work out the conditions that allowed me to claim the loss on my artist practice and the additional refund came in handy for my next show.

    REGINALD, SUNSHINE COAST
    VISUAL ARTIST

  • I was referred to Michael by a musician friend, who is one of his clients. My former accountant had prepared my return for the first year where I had made good money and told me I had to pay $12,000 income tax. Michael explained that there were special tax rules for musicians and processed my return so that I did not have to pay the tax my former accountant said I had to pay.

    MARCELLO, SYDNEY
    MUSICIAN

  • This return is literally life changing. Paying off debt and starting savings. Thank you so much. I've recommended you to a whole bunch of people and even suggested those who've already had their tax done to check with you if it's worth an amendment. Honestly, between you and this barefoot investor book, I'm finally feeling more in control of my finances. Thanks so much!

    SAMANTHA, MELBOURNE
    FILM PRODUCER

  • My singing career was taking off but I was worried about when I had to register for GST and how much tax I had to pay. Michael explained that I only had to register when my sales exceeded the threshold for two years running and advised that I should have my accounts prepared each three months to work out my income tax in advance. I now feel in charge of my finances and I am easily handling the GST and income tax obligations.

    MICHELLE, SYDNEY
    PERFORMER

  • Through my accountant I was referred to Michael to assist with the transfer of three Polly Courtin paintings from my super fund to me because I did not want to pay for storage of the works after 30 June this year. Michael produced a valuation report that allowed me to do just that and he also told me I could claim the artworks as a depreciation claim. Fantastic.

    SIMON, MELBOURNE
    MANUFACTURER

  • My cleaner closed a door into the middle of a Leonard Brown painting I was storing in my office, tearing the canvas and making the painting unrepairable. Because the artist has a higher gallery price than auction price, my insurance company only offered me a quarter of the painting's cost. Michael produced a report to verify the history of the artwork and its uniqueness, and the insurance company then paid me the correct amount in compensation.

    JOHN, BRISBANE
    LAWYER

© 2020 Michael Fox | Arts Accountant & Valuer.

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