SPECIAL PROFESSIONALS
Tax Planning For Athletes and Creatives
If you ride the feast-or-famine wave of working in the creative arts or as a sportsperson, you may be eligible to apply for a special tax concession called Income Averaging.
Income Averaging ensures you only pay the correct amount of tax over a four year period based on your assessable professional income which may include sponsorship, prizes, rewards, advances, commissions, fees and royalties.
Partnering with an accredited tax accountant who understands your unique situation means you can plan for high and low income years without fear of a tax bill or worse!
We can help
Maximise your earnings and minimise risk with a specialist accounting team.
Know Your Options
As Registered Tax Agents, we know how to leverage irregular income to achieve your lifestyle goals, meet your tax obligations and plan for the future.
A Team Approach
We take a holistic approach, working with athletes and creatives as well as their management teams, sponsors and support staff.
Control Highs and Lows
Work with our team to get a tailored strategy so you can manage high and low income years. Mitigate risk, leverage your contract and comply with the tax authorities.
Ensure Compliance
Partner with a team who know how to manage complex salary caps and contract restrictions, sponsorship revenue, bonuses and contract restructuring.
Manage the feast-and-famine cycle of niche professions by
maximising your claimable deductions and planning for high and low income periods.
FREQUENTLY ASKED QUESTIONS
What’s a Special Professional?
We think every profession is special, but the ATO says Special Professionals fall into four categories:
- Author or inventor
- Performing artist
- Production associate
- Sportsperson
These broad categories include musical composers, artists, sculptors, photographers, choreographers, directors, set designers and more.
If you’re unsure whether you qualify as a Special Professional, please reach out to our team today. We’d love to help.
What are some common income tax deductions for Special Professionals?
Depending on your work related expenses, you may be able to claim a tax deduction for:
- Travel or away-from-home allowances
- Phone, data and internet usage expenses
- Tools, equipment and other business assets like cameras and vehicles
- Further training and education expenses
- Massage and physiotherapy
- Charitable donations
I haven’t submitted a tax return for years. Am I in trouble?
You must lodge a tax return each year. If you are behind in your income tax lodgements, please reach out to our friendly team today.
We can help guide you through the process of lodginging historical income tax returns. Don’t bury your head in the sand – let us help you and give you peace of mind. Talk to our team today.
Can you help with Income Averaging?
Yes, we can. Income Averaging ensures you pay the correct amount of tax over a four year period based on your assessable professional income which may include sponsorship, prizes, rewards, advances, commissions, fees and royalties.
Contact our team today and we’ll work with you to plan your Income Averaging to ensure you only pay the tax you need.