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

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

  • Why an arts degree is now a must-have asset in the workplace
  • Super Art update – ATO relaxes storage requirements
  • Doing business over text? You need to read this
  • Tax Time Again
  • Changes to trading names and ABN Lookup

Categories

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  • Artwork tax deduction
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  • Federal budget
  • GST
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  • Income averaging
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  • Negative gearing
  • Non-commercial losses
  • Non-resident taxation
  • Rental income
  • Resale royalties
  • Self-managed funds
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  • Super art
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  • Taxation of the arts industries
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  • Uncategorised
  • Valuation

Contact

  • + 61 3 8560 3583
  • michael@artsaccountants.com.au
  • 79 Langridge Street
    Collingwood, Victoria 3066
  • PO BOX 603 South Yarra VIC 3141
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Recent Articles:

  • Why an arts degree is now a must-have asset in the workplace
  • Super Art update – ATO relaxes storage requirements
  • Doing business over text? You need to read this
  • Tax Time Again
  • Changes to trading names and ABN Lookup

  • 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

© 2019 Michael Fox | Arts Accountant & Valuer.

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