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Creative Accounting

Creative Accounting

In this episode, accountants Tony Nagle and Ben Chiverton deliver the who, what and how on the Australian government COVID-19 support payments for creative professionals and small businesses.

Few of us look forward to hitting the books after a day on set, yet keeping one eye on the accounts remains an integral part of surviving for the long haul.

With the financial realities of COVID-19 bearing down us from many angles, we've dedicated this episode to cover freelancer eligibility for Jobkeeper and Jobseeker payments, grants opportunities, tax deductions for COVID-19 and new incentives for writing off new assets in 2020.

Tony Nagle is owner of Nagle Accounting and Ben Chiverton is Partner and Senior Accountant. Over the last 25 years Tony and the team have built their practice around the film and advertising production industry, representing some 3000 clients across the creative spectrum.

Chapters

00:00:16 - Introduction
00:03:02 - Introducing Ben and Tony from Nagle Accounting
00:05:27 - Are freelancers eligible for Jobkeeper?
00:08:05 - What is the turnover eligibility for Jobkeeper?
00:10:25 - How does it work for short term project to project work?
00:14:00 - What is the PAYG stimulus package?
00:15:38 - What happens when your income returns to normal?
00:16:43 - Do you pay tax on Jobkeeper?
00:18:15 - You can't get Jobkeeper and Jobseeker at the same time
00:18:33 - What is the eligibility for Jobseeker?
00:19:35 - What are the incentives to spend money at the moment?
00:20:53 - Deductions for working from home
00:23:32 - Is it a good time to withdraw super?
00:24:21 - When to calling it quits
00:25:40 - Outro

ATO Jobkeeper in detail: https://www.ato.gov.au/General/JobKeeper-Payment/In-detail/

ATO 30% reduction turnover test: https://www.ato.gov.au/General/JobKeeper-Payment/In-detail/Applying-the-turnover-test/?anchor=Basictest#Basictest

Victoria Business Support Fund: https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/business-support-fund

NSW Small Business Support Grant: https://www.service.nsw.gov.au/transaction/apply-small-business-covid-19-support-grant

QLD Arts Sector Support: https://www.business.qld.gov.au/industries/science-it-creative/creative-industries

Contact Nagle Accounting to sign up for their free (and very useful) newsletter: https://www.nagle.net.au/