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FILM INDUSTRY ACCOUNTING

In normal course you will receive your contract income with withholding tax deducted. Very rarely in the film industry is PAYE used.

Double check your payment schedules

 – If it is withholding tax that has been deducted then you fit the definition as “Self-Employed”

 – If self-employed then normal-course tax deductable expenses apply

Expenses such as:

 – Business use of home if you have space there used for business purposes. These expenses include mortgage interest, rates, rent, insurance, power, telephone repairs and maintenance

 – Mobile phone

 – Internet provider costs

 – Some travel / transport

 – Computer consumables as well as the depreciation on the computer

 – Stationery

 – Course Fees

 – Travel costs to the industry meeting(s) etc. Both domestic and international

 – Costs associated with the film / media industry e.g. Movie tickets

 – Some entertainment costs

This schedule is not exhaustive neither restrictive

Our suggestion is that if you have a spare 30 minutes, call on over and we’ll take a quick look at your tax position.  From there, if we agree that it’s worthwhile submitting (to the IRD) a set of accounts, we will provide you an accounting fee quote and get on with the job.

95% of our film industry clients have received refunds over the years. Some as high as $19,000!

 

When you get a minute give us a call (04 939 1110) or email (admin@cornish.co.nz) to discuss.