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Struggling to get your head around what you need as an artist finance-wise? Our Finance team have prepared a few answers to some key questions you might have regarding Australian Business Numbers and Statement by Supplier - as well as a few helpful videos! 

Australian Business Number

 

What is an ABN?

ABN is short for “Australian Business Number” and it’s as unique as you are! A little 11 digit number that identifies your business to the Australian Government.

 

Do I need one?

Not everyone needs an ABN, but If you're carrying out activities with an aim to make a profit, then chances are you are more of a business than a hobby.

 

What if I don't have one?

Without an ABN or a Statement by Supplier (we’ll get to that in a sec) any payment made to you is required to be taxed at the highest marginal rate (47%) and we don't want to do that! So to maximize the amount of box office that stays in your pocket- get an ABN and pop it in the bank & tax page on AVR when you register

 

How do I get one?

Good news- it's free! Head to the Australian Business Register and follow the online prompts. It’s faster if you have your Tax File Number, your business type (sole trader, partnership, trust) and trading name ready before you start.

https://www.abr.gov.au/business-super-funds-charities/applying-abn

What does it mean at tax time?

When you lodge your tax return you will need to report if you made a profit or loss. So the reportable amount is your box office income less any expenses to put on the show.

 

What is the alternative?

If you dont think an ABN sounds like something you need, then you should fill in a Statement by Supplier

 

What is a Statement By Supplier?

A Statement by Supplier is a declaration made to state why you are not providing an ABN.

 

Do I need one?

Isn't it great to have hobbies?! If your show is more something you do on the side or a labor of love which you don't plan to make a profit on, maybe a Statement by Supplier is more up your lane!

 

Where do I get a Statement by Supplier?

Download a statement by supplier from the ATO website. Fill in your personal details, tick the box most relevant to you (activity is a hobby or not planning to make a profit), sign and upload to AVR when you register on the bank and tax pages.

https://www.ato.gov.au/Forms/Statement-by-a-supplier-not-quoting-an-ABN/  

 

What if I don't submit one?

Without an ABN or a Statement by Supplier any payment made to you is required to be taxed at the highest marginal rate (47%) and we don't want to do that! So to maximize the amount of box office that stays in your pocket- get an ABN or fill in a statement by supplier and pop it in AVR when you register

 

Video Resources

ABN & Statement by Supplier Intro Video:

 

Apply for an ABN (step by step screen record):

 

Disclaimer: For detailed tax information please consult your accountant. These videos are just a guide.

Image Credit: 2022 The Jack and Annie Show, Photo by Ron Tan