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vinyls and tax stuff
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| 00soups00 |
just a quick question to people who purchase loads of vinyl such as myself..
do anyone of you write them off as business expenses?? and if so, what is required to do so..
can anyone of you give me some insight in what might be required and what are the benefits of doing so..
thanks |
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| muli |
yes I did this year, as long as u have an ABN? and have made some money from djing??
My tax man was a cool hip young guy in the scene so it kinda helped cause he knew what he was doing ;)
Oh and the number 1 rule YOU ARE A PERFORMING ARTIST, you ENTERTAIN PEOPLE you dont dj ;) |
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| escee |
| regardless of how much money you make? I thought it had to be over a set amount (6000)? |
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| Antistatic |
| I offset all vinyl purchases against my other income so even tho I "lose" lots of money from DJing this loss is subtracted from my taxable income from my other jobs. ;) |
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| muli |
| quote: | Originally posted by escee
regardless of how much money you make? I thought it had to be over a set amount (6000)? |
i didnt make that much, thats for sure :p
No no limit, but i do have a full time job which i also offset it from to bring my total taxable income down.
You dont have to submit a BAS if you earn under $50,000 from the business.
Man i claimed so much this year, records, laptop, studies, travel to college etc... was mad, got a nice return ;)
Only the records were put on the business, the rest were work expenses. But next year i have a CDJ & Mixer to put on the business expenses ;) |
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| djway |
You have a TFN which is what your income is on.
You have a ABN for your DJing.
If you earn more then $5400 a year on your ABN, you can then start claiming tax back on what you were taxed.
There ABN isn't linked to your TFN, they are two seperate items. So you can't offset your TFN tax with your ABN expenses.
It's like working full time, and being taxed $10,000. If you buy $10,00 worth of stuff on your ABN, you can't claim it against your full time wage, that doesn't make sense to anyone, let alone a tight arse liberal government.
Muli, you're man's dodgy if he's linking them together (that's 3 different tax agents, two of which I paid to see).
--djway |
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| 00soups00 |
so legally you cant do it unless you earn more then 5400
okay |
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| batemanscott |
Hmmm, i dont know how u have done it Muli:conf:
I had a discussion with my financial advisor about this very thing in July but he said I "legally" had to turn over in excess of $20,000 from djingper annum in order to register as a business and to offset the cost of vinyl. It's also illegal to operate a business at a loss fore more than a couple of years ( those with the exact period of time please inform me here as I'm not sure)
I asked about about offsetting it from my personal income through work and he said that anything I would claim I actually would have to payback in the case of an audit:conf:
My guy could be wrong, (he is normally very good) but you may want to look into it a little more closely in case I'm not. |
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| 00soups00 |
i figured as much
it all sounded a little too good to be true
so whilst you may have gotten away with it muli
me reckons that if you get audited it could be
'goodnight muli' |
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| muli |
hey i have nfi how he did it, but its all legit.
He used my ABN, it shows in what was submitted to the tax dept, if i didnt earn enough they would have seen it and followed it up.
The only thing i put against my Djing was records, the rest was work expenses.
My tax agent is no no0b he works for a firm in the city and he has clients like executives at news limted, AMP, westpac, all massive clients.
He made sure i gave him copy of all receipts so if he was asked by the tax office he could show them everything. I tried to claim some extra things which he said were not allowed.
Im not sure, but i think being a performing artist allows you to run at a lost and claim in back. Do a search on it.
Also a lot of dudes at ITP or HR-Block have NFI when it comes to DJ expenses. |
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| batemanscott |
That sounds really good man but are you sure you can get away with the classification of peforming artist? ( serious question ) |
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