Muso does not withhold any tax amounts for artist performances on the platform. This means that all Muso artists will be responsible for accounting for and managing their own tax affairs per financial year. Muso would suggest that you set aside amounts per earnings on the platform to best prepare for tax time.
Please note that the amount owed or claimed at the EOFY depends largely on the tax bracket in which you sit in.
For more information regarding this, please see here.
Muso only passes on GST amounts to artists that have associated their Muso profile towards a GST registered ABN.
If you do not have an ABN or you're not GST registered then you will carry no responsibility for GST, as Muso will be responsible for handling GST paid by venues/hirers.
Tax Benefits of being a Muso Artist
There are a range of tax deductions that you can claim as a Muso Artist. Here are just a few work related expenses that become tax-deductible when you Gig through Muso:
- Assets – Generally, those under $1,000 are deductible in the year of purchase.
- Stage clothes / Costumes – Note that this relates to costumes only. Just because you wore those black jeans at a gig doesn’t mean they are deductible. It needs to be show/stage specific.
- Education – Music courses, singing lessons, small business courses etc.
- Accounting fees
- Legal fees
- Bookkeeping fees
- Trademarks, registration fees, etc
- Phone *
- Internet *
- Computer costs – printer ink, paper etc.
- Domestic ground transport – taxi, public transport, parking, tolls, etc.
- Stationery & postage
- Meetings – catering a business meeting is deductible if the meeting is held at your office / house / manager’s place of business and is consumed at that place. Getting lunch or having a coffee out at a café or bar isn’t deductible. Also note that alcohol is never deductible unless it is a gift (e.g business your manager’s receptionist a bottle of wine for her birthday is okay, but the bar tab after a gig is not)
- Motor vehicle – it is generally a good idea to keep all receipts in relation to your motor
vehicle in addition to a valid log book. This gives you an option to claim either cents / km
or the log book method.
- Promotion – advertising, CDs, website costs, facebookFacebook etc
- Recording costs – studio hire, producers, engineers etc
- Reference / research expenses* – anything you may draw inspiration from. Might include
concert tickets, CDs, records, DVDs, magazines, books, pay TV, theatre tickets, etc.
- Rent - If you‘re renting your home and don’t claim rent elsewhere (e.g. studio) then you can claim a % of your rent and utilities (electricity and gas). The percentage is based on the floor space and how much is dedicated to your music business. A sketch of the floor plan will help here.
- Studio hire.
- Rehearsal room hire.
- Storage – for your equipment
- Tour costs
- Flights, accommodation, visas, meals & incidentals whilst away from home, etc
- Musicians, lighting, sound techs, guitar techs, FOH, tour manager, door / merch person.
- Advertising, venue hire, travel insurance\
- Car hire and petrol, freight costs, backline hire
*Please note that for things like phone and internet, you will need to provide your
accountant with a reasonable business / music personal use percentage.