Music News - Naked Accounting announces their 2022 Musician Initiative
24 May 2022 - 0 Comments
In response to the August 2021 lockdown and built on five years of offering cost price accounting to creatives including musicians, Naked Accounting undertook a one month ‘Musicians Initiative’ which offered free accounting advice to musicians who were struggling financially due to the restrictions imposed due to Covid-19. They were amazed by the amount of interest this attracted from both musicians and the industry.
Naked Accounting are proud to announce the return of their Musician’s Initiative, where the boutique accounting firm will provide free financial upskilling to 25 applicants from throughout Aotearoa.
The core aim of the initiative is to support musicians to become practitioners with fully sustainable, flourishing musical careers.
CLICK TO APPLY FOR NAKED ACCOUNTING'S MUSICIAN INTIATIVE
"We owe a significant debt of gratitude to musicians for what they give us and the community as a whole" says Naked Accounting’s Robert Westall (he/him, Ngāi Tahu). "It appeared to us that the nature of the industry meant many musicians were expected to run their music practice without any financial understanding of how to do so."
“As a result of the strong response to 2021’s Musician Initiative and through our conversations within the industry, Naked Accounting realised that many musicians need some help understanding their financial obligations as independent practitioners/contractors (eg. Income tax/GST/business structure/COVID 19 support eligibility) and could use some upskilling to ensure they have the tools to manage their money, achieving financial stability and sustainability.”
Naked Accounting’s Musician’s Initiative will centre around four key components:
- Educating musicians about their tax and organisational obligations (Income Tax/GST/ACC/Prov Tax/Withholding Tax etc). Naked Accounting will explain these different obligations, how they apply to the musician and what they need to do to meet the obligations.
- Naked Accounting will provide support and guidance through the Income Tax return process as well as upskilling with basic bookkeeping. This will involve guidance on what a musician can and cannot claim as an expense, the different types of income, how to calculate taxable income, and how to account for grant income/wage subsidies. Naked Accounting's goal is that the musician learns how to file a simple tax return and understand when professional help is needed.
- Naked Accounting will upskill musicians to build and use a budget which will not only help manage their financials but will also help with project management and grant applications.
- Finally, Naked Accounting will advise how musicians as to how to use all these skills to build a sustainable practice and manage their money with confidence to meet all their obligations as an independent arts practitioner. This will mean discussing if they should be a sole-trader or company, if they should be GST registered and how they should be undertaking best practice when paying themselves and others in the industry.
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