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Essential financial requirements for artists, covering Australian Business Numbers (ABNs) and Statement by Supplier forms. Navigating these details ensures your Fringe journey is as smooth as possible and maximises your box office earnings.

Contents

Australian Business Number

What is an ABN?

An Australian Business Number, or ABN, is a unique, 11-digit identifier issued by the Australian Government to businesses. It helps identify your enterprise for tax and other government purposes.

Do I Need One?

Not every individual requires an ABN. However, if your Fringe activities are undertaken with the intention of making a profit, it's highly probable you operate as a business rather than a hobbyist.

What if I Don't Have One?

Without an ABN or a valid Statement by Supplier (which we will discuss shortly), any payment made to you is subject to tax at the highest marginal rate of 47%. To ensure you keep the maximum amount of your box office income, we strongly recommend obtaining an ABN and providing it on the bank and tax pages within your AVR registration.

How Do I Get One?

The good news is that applying for an ABN is free! Simply visit the Australian Business Register website and follow the online prompts. The process is quicker if you have your Tax File Number (TFN), your business type (such as sole trader, partnership, or trust), and your chosen trading name ready before you begin.

What Does it Mean at Tax Time?

When you lodge your annual tax return, you will need to report whether your Fringe activities resulted in a profit or a loss. The reportable amount is generally your box office income minus any legitimate expenses incurred while putting on your show.

What is the Alternative?

If you determine that an ABN isn't appropriate for your circumstances, the alternative is to complete a Statement by Supplier.

Statement By Supplier

What is a Statement By Supplier?

A Statement by Supplier is an official declaration that explains why you are not providing an Australian Business Number (ABN) for your Fringe activities.

Do I Need One?

Perhaps your show is more of a passion project, a "labour of love" that you do not anticipate making a profit from. In such cases, a Statement by Supplier might be the more suitable option for your financial arrangements.

Where Do I Get a Statement by Supplier?

You can download a Statement by Supplier form directly from the Australian Taxation Office (ATO) website. Once downloaded, fill in your personal details, tick the box that best describes your situation (e.g., "the activity is a hobby" or "I am not planning to make a profit"), sign the form, and then upload it to the bank and tax pages when you register in AVR.

What if I Don't Submit One?

As with not having an ABN, if neither an ABN nor a Statement by Supplier is provided, any payment made to you will be taxed at the highest marginal rate of 47%. To maximise the portion of box office earnings that remains with you, please ensure you either obtain an ABN or complete a Statement by Supplier and upload it to AVR during your registration process.

Video Resource

Summary

  • An ABN is an 11-digit number identifying your business, essential if you intend to make a profit from your Fringe show.
  • Without an ABN or a Statement by Supplier, 47% of your payments will be withheld for tax.
  • Obtaining an ABN is free and can be done via the Australian Business Register website.
  • A Statement by Supplier is suitable if your activity is a hobby or not profit-driven, and it's available from the ATO website.

Additional Resources

For more detailed tax information and personalised advice, we strongly recommend consulting with a qualified accountant. Please note that the videos and information provided here are for general guidance only.