Best Tax Deductions to Claim for Music Professionals
Music Professionals write, arrange, orchestrate, conduct and perform musical compositions.
Employment Profile
- Average weekly pay: $747.50
- Employment size: 9,135
- Future growth: Decline
- Skill level: Bachelor Degree or Higher
Typical tax deductions include:
- Coaching classes or lessons if undertaken to maintain existing specific skills or to obtain work-related skills for use in a particular role or performance – this applies even if the training is undertaken between engagements.
- Motor vehicle travel to and from work if having either shifting workplaces (working at more than one site each day before returning home), or transporting bulky musical equipment.
- Motor vehicle travel between work locations, or for training purposes.
- Phone and internet – work %.
- Home occupancy costs if working from home – includes % of rent, mortgage interest, rates, insurance, etc.
- Home office running expenses.
- Commissions paid to theatrical agents.
- Computers, tools and equipment – includes televisions, video recorders, compact disc players and professional libraries.
- Overtime meal expenses.
- Audio, videotapes, video digital discs and compact discs used for rehearsal.
- Overseas conferences, courses and study tours.
- Overnight travel expenses including airfares, accommodation and meals.
- Union fees, licences, registrations and subscriptions.
- Client gifts brought for work purposes.
Professional memberships.
Non-deductible expenses:
- Joining fees paid to agencies.
- Audition expenses – as incurred to gain work.
- Gifts such as flowers or alcohol provided to fellow performers, producers or directors (as it is a private expense).
- Cost of attending awards nights or other social functions.
Tax Strategies we can assist you with.
- Home office occupancy expenses
- Self-education expenses
- Overseas conferences, courses and study tours
- Computers, tools, equipment and other assets
- Logbook for motor vehicles
- Gifts to clients, suppliers and contractors
- Union fees, licences, registrations and subscriptions
- Phone and internet
- Overnight travel expenses
Click here to see Tax Calculator for Music Professionals.
Stephen is the CEO of Accountants Direct and is a Professional Director, ASIC Agent, Startup Advisor & Investor & Capital Raising Specialist.
Contact Stephen or his team if you have any questions about this post or any business matter in general.
