Tax Deductions for Artists
Some deductions that may be available to artists include:
Consumables such as clay, paints, canvas etc;
Depreciation of large machines such as pottery wheels and kilns;
Union fees and professional memberships;
Management fees
Artists may also be entitled to general tax deductions that are not work specific, such as investment deductions or car expense deductions. Business losses incurred by artists may be deductible against wage income in some circumstances. Artists should seek professional advice on this matter.
Eligible artists may be entitled to income averaging for special professionals. Income averaging is a tax averaging regime designed to mitigate the effect of higher tax rate for eligible special professionals whose income usually fluctuates each financial year.
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