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Three Ts for Term 1
TAX
USEFUL INFORMATION FOR MUSIC TEACHERS AND PERFORMERS
Tax time is stressful for many, especially those working in the music industry. It can be complicated (especially when multiple income sources are involved), but shying away from it could mean missing opportunities. Here are some top tips that could save big bucks at tax time!
Instant asset write-off for small business
Many music teachers and performers don’t take full advantage of claiming their expenses/deductions in a given year. There have been some recent tax changes during the Covid-19 pandemic – one change being that temporary full expensing is now in effect.
For assets you start to hold and first use for a taxable purpose from October 6th 2020 to June 30th 2022, the instant asset write-off threshold does not apply. (From April 2019 to March 2020, the threshold was $30,000…now there is no limit to your purchase). You can immediately deduct the business portion of the asset’s cost under temporary full expensing:
If your purchase is more than your taxable income for that year, you can carry that loss forward to following years. Another option worth considering: instead of claiming the full amount of the asset in one year, claim the cost over time, reflecting the asset’s depreciation. A depreciating asset is one that has a limited effective life and can reasonably be expected to decline in value over the time it is used.
Income averaging
According to the ATO, performing artists fall under the category of a ‘special professional’ (along with inventors, production associates or sportspeople), who can take advantage of a scheme called income averaging. ATO assistant commissioner Karen Foat says the concession is designed for people who have “lumpy incomes” because of the nature of their industry. For more information, click below:
https://www.abc.net.au/everyday/income-averaging-could-help-creative-people-at-tax-time/11553778
Salary sacrificing
A final idea worth consideration is salary sacrificing. Salary sacrificing is basically a way to minimise your tax bill by using your pre-tax salary to buy goods or services that you would normally buy with your after-tax pay. Because in the eyes of the tax department, you’re earning less when you are salary sacrificing, they tax you less. The type of things you may be able to salary sacrifice for may depend on your employer and the nature of your work. For more information, click below:
https://www.abc.net.au/everyday/what-salary-packaging-is-and-how-it-works/10830070
*Advice contained in this article is intended for general information purposes and may not apply in all circumstances. Please seek independent financial advice from a tax professional for your specific situation.
TECHNOLOGY
TECH TIPS FROM TIM TOPHAM
For some helpful strategies on using new technology to your advantage, we consulted leading pedagogue, Tim Topham. Tim is changing the way piano students learn – by changing the way they’re taught. His insights have guided piano teachers to teach creativity, curiosity, and competency and have impacted tens of thousands of piano students worldwide.
For some potentially lifechanging tips from one of the top music teachers in the country, read on!
How to make more time as a piano teacher with help from technology
Students keep arriving, the inbox keeps filling, bills keep appearing, new events pop up and you’re left just trying to stay afloat in a sea of activity and information. To learn some small tips that can have a big impact on your time, click below:
How to Make More Time as a Piano Teacher with Help From Technology
Best iPad apps for piano teachers
For those who are new to teaching with iPads or those who are first-cab-off-the-rank with the latest teaching apps or online musical games, read up on the most helpful tools available to you:
Best iPad apps for piano teachers
How to change to monthly billing for piano lessons
There are a number of key disadvantages to charging lesson-by-lesson, so Tim Topham shows the step-by-step process of how to simplify your billing process to the point of complete automation:
How to Change to Monthly Billing for Piano Lessons
To find out more about Tim Topham, visit
https://members.topmusic.co/join/pro/
https://www.youtube.com/topmusicco
TEAMWORK
NO TEACHER (OR STUDENT) IS AN ISLAND
Whether it’s a school or a symphony, we’re more than the sum of our parts. Teamwork makes the dream work!
A piano is not the most simple invention in the world. An average grand piano will have somewhere around 10,000 parts, mostly small, finely machined components of the keyboard action, and ensuring that they’re properly positioned and aligned requires expertise that even most professional piano tuners don’t have.
Keeping a piano in good working condition takes more than a single pair of hands. Between the factory and the classroom, a piano will have been serviced, tuned, regulated; it will have been carried by specialist piano carriers; it may have specialist insurance, or a MIDI system applied, or heavy duty casters installed.
Kawai Education Direct is your key to a network of experts that spans the world, including some of the world’s most esteemed tuners and technicians, specialist carriers, toolmakers, venues – and schools. It’s a great way to ensure that your investment is in good hands.
For more information about how Kawai can boost your music department’s potential, give us a call on 1800 636 005 or write to us at education@kawai.com.au.
From our partners in the arts
Sydney Dance Company boasts an extensive array of programs for young people. Spend you school holidays exploring the joys of dance at our newly refurbished studios at the Wharf near the iconic Harbour Bridge, or engage with our schools program through virtual or face-to-face workshops. Find out more at sydneydancecompany.com or sign up to find out more here.
Kawai is extremely proud to partner with the Melbourne Digital Concert Hall again in 2021. Having generated over $1 million for Australian musicians and arts sector workers in 2020, the Melbourne Digital Concert Hall was created by musicians, for musicians, in the hope to connect communities everywhere through music. Teachers and students are eligible for special ticket pricing of $10 per concert for the below performances:
Kawai Piano Series 4 – Benjamin Martin
Kawai Piano Series 5 – Stephen Emmerson
Kawai Piano Series 6 – Stefan Cassomenos
Simply use ‘schoolslovekawai’ as the coupon code to redeem the offer.
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