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Michael Fox

Arts Accountant & Valuer

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

2016 budget article

Posted on December 13, 2017 by tomMF -

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2024 – The IR Year of Living Dangerously
EIGHT IMPORTANT THINGS TO KNOW ABOUT YOUR 2023 TAX RETURN
End Of The Instant Artwork Write Off Is Nigh
Working From Home Deductions – The Rules Will Change At The End Of February
Notes on the TikTok tax scandal

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+ 61 3 8560 3583
65 Wellington Street
Collingwood, Victoria 3066
PO BOX 603 South Yarra VIC 3141
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+ 61 2 8875 7760
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123 Epping Road
Macquarie Park NSW 2113
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1/102 Collins Street
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Level 28, 140 St Georges Terrace
Perth WA 6000
PO BOX 603 South Yarra VIC 3141

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Recent Articles:

2024 – The IR Year of Living Dangerously
EIGHT IMPORTANT THINGS TO KNOW ABOUT YOUR 2023 TAX RETURN
End Of The Instant Artwork Write Off Is Nigh
Working From Home Deductions – The Rules Will Change At The End Of February
Notes on the TikTok tax scandal

Honestly, thank you all. I’ve never had such incredible service. I’ve actually never had a tax accountant know so much about me before we speak – your background research was spot on.
Saved us so much time and hassle. Highly recommend Michael and the team. As for our returns, you’ve literally set our little family up for a great year ahead.

Christine, Perth
Radio Producer
Thanks to you I’ve now got a deposit for a house so I couldn’t be more pleased.

Joshua, Melbourne
Theatrical dresser
Michael and the team always deliver the most prompt, efficient and professional service, I can’t recommend them highly enough.

MANDY, NSW
RADIO CONTENT DIRECTOR
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
'Thank you for the quick and easy help from you all. Your assistance is fast, easy to understand and without any judgement, love it!'

FELICITY, MELBOURNE
DESIGNER
'I wanted to say thank you to you and your team for all your support during this difficult time. I’ve been finding this period really difficult but the help and knowledge you’ve shown has been a real comfort. Sincere thanks!'

MATT, SYDNEY
TELEVISION PRODUCER
A huge thank you to you and your team for your exceptional work during this period. Most people I know are completely unaware of the stimulus package as their accountants haven’t informed about any entitlements. You and your team have been so proactive in passing on this vital information that will literally be the difference between surviving this downturn and going under. Thank you!'

KELLY, MELBOURNE
COMMERCIAL PHOTOGRAPHER
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
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
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

© 2023 Michael Fox | Arts Accountant & Valuer.

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