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https://visualarts.net.au/advocacy/tax/artists-income-tax-non-commercial-losses/
While most professional artists are eligible to claim their art enterprise expenses for income tax purposes, there is a section of the law which will apply 5 eligibility tests: the Non-Commercial Losses section of the New Business Tax System (Integrity Measures) Act 2000. Under the Non-Commercial Losses section of the New Business Tax System (Integrity Measures) Act 2000 some professional artists are prevented …
https://www.artslaw.com.au/article/taxation-of-professional-artists/
Jun 30, 2008 · The non-commercial loss exemption allows professional artists to deduct losses from their professional arts business against income earned from other sources. To qualify for this concession, artists must be carrying on a 'professional arts business' and have other (non-professional arts business) income of less than $40,000 (excluding any net capital gains). Example: John is a …
https://www.ato.gov.au/Business/Non-commercial-losses/
If you are running multiple business activities that are not similar, you must apply the non-commercial loss rules separately to each activity. Excepted activity If your loss making business is in primary production or the professional arts, and your assessable income from other sources is less than $40,000 (excluding any net capital gain), you can offset your losses from your other income.
https://www.mcphailandpartners.com.au/non-commercial-losses-do-the-rules-apply-to-you/
Jan 22, 2020 · A “non-commercial” business activity in this context is any business where the deductions exceed the assessable income in any particular year. If you’re a primary producer or a professional artist and your income from other sources unrelated to the business is less than $40,000, the non-commercial loss rules will not apply to you.
https://www.business.unsw.edu.au/About-Site/Schools-Site/Taxation-Business-Law-Site/Journal%20of%20The%20Australasian%20Tax%20Teachers%20Associati/2_JATTA_vol3_no2.pdf
preventing losses from non-commercial activities that are carried on as businesses by individuals (alone or in partnership) being offset against other assessable income.’ The concept underlying Division 35 is, therefore, at first glance very simple – preventing losses from non-commercial activities being offset against other sources of income.File Size: 269KB
https://www.bensound.com/
FREE License with Attribution. You can use this music for free in your multimedia project (online videos (Youtube, Facebook,...), websites, animations, etc.) as long as you credit Bensound.com (in the description for a video).
https://cdn.tspace.gov.au/uploads/sites/70/2015/07/Artists_Foundation.pdf
an exemption from the provisions of Division 35 [Non-commercial losses] for professional artists. We endorse the position taken for the following reasons, substantiated by our own extensive knowledge of the economic realities of visual artists in WA. 1. Very few arts businesses could meet any of the four "commerciality" tests.
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