Income averaging equals big savings

In The Picture is a leading tax advisor and accountant to the creative industries.
Income averaging equals big savings

‘I have found that majority of my new clients within the creative industry are missing out on the benefits of income averaging,’ said Saul Markunsky, director of In The Picture.

This is an aspect of tax planning that is especially important for people in the creative industries, but it is also complex and requires specialist knowledge and advice. In The Picture is one of the few accounting firms to specialise in this area.

‘The Australian Tax Office recognises that the income of some people in the creative industries can vary widely from year to year. Income averaging is a concessionary tax provision that enables eligible taxpayers to spread their taxable income over several years, in effect lowering their overall tax rate. And nobody wants to pay more tax than they need to!’ says Markunsky.

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In The Picture’s broad experience working with creatives including producers, performing artists, artists, animators, copywriters, journalists, musicians, and writers means they have a genuine understanding of the unique and specialist dynamics of the industry.

Based in Sydney, the expert accounting team of twenty staff understand the special conditions of the arts and creative sectors. Their team is adept at having a strategic perspective to help across a business.

‘We always say that we can see the bigger picture. Our professional advice will give you an edge in all aspects of your business. We’re here to help with everything from cash flow planning, superannuation and estate planning to business name registration, royalties, and corporate secretarial obligations,’ says Markunsky.

‘We are pleased to have clients from all over Australia. We also work closely with many well-known international actors and producers who have projects here,’ says Markunsky, whose colleagues in Hollywood often seek his advice when their clients are working on Australian projects. The team is also experienced in dealing with Australian taxpayers who have international income and investments.

‘I’ve been with In The Picture for four years now and their work is nothing short of spectacular. They are excellent accountants, knowledgeable, approachable and great at what they do. I’m very happy! Five out of five every time,’ said actor  Patrick Cullen who is one of In The Picture’s highly satisfied clients.

As tax time comes around again, make sure that you get good professional advice. ‘We help our clients manage their financial affairs, allowing them to concentrate on what they do best, while we concentrate on what we do best. They always have the security of knowing their finances are under control,’ says Markunsky.

In The Picture offers a free, no obligation, 30-minute consultation for new clients so you can get to know them and decide if they’re right for you. Go to www.inthepicture.com.au to find out more or call them on 02 9211 5411.

Diana Carroll

Wednesday 26 June, 2019

About the author

Dr Diana Carroll is a writer, speaker, and reviewer based in Adelaide. Her work has been published in newspapers and magazines including the SMH, the Oz, Woman's Day, and B&T. Writing about the arts is one of her great passions.