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How to Muso at Tax Time

Words by Peta.

How to Muso at Tax Time - Here are some things you should know...

 

Like most of us, we’re shocked that 2020 actually got this far… That’s right folks, we are at EOFY. For most who live comfortably underneath the Tax-Free threshold, we revel in excitement at this time of the year because it means, FREE MONEY*


*it’s not actually free, it’s yours but you forgot about it so FREE MONEY!


For many, despite the excitement of earning back your moneys, tax time can also breed feelings of nervousness and anxiety because many of us still can’t count or file our taxes. So while we’re sure you’ll have to do a bit of homework regarding your timetables, we’re here to help you through your Muso finances in this quick guide to tax time.


There’s really only two things to note here:


1.    You can claim a buttload of stuff

2.    If you’ve registered your Muso profile with an ABN you can claim back GST


So if you don’t have the energy to rustle together all your receipts OR you haven’t been using your ABN… I’m afraid you don’t get many moneys…


Muso doesn’t withhold any of your tax amounts in bookings, so no cheeky group certificates or paperwork. You’ll need to note down your earnings after each booking to log in at tax time. You can find this in ‘Your Earnings.’


And here’s what you can earn if you’re a receipt hoarder…




(*note that for things like phone and internet, you will need to provide your accountant with a reasonable business / music personal use percentage.)



If none of that makes sense and you still don’t know how to earn back your moneys, slip into our DMs or email us at hello@musoapp.com.au

Happy Taxing.

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