Overview of Income

If you are in business then any “reward” that you receive that is connected to the activity will constitute assessable income. For artists this will include (but is not limited to):

  • Income from sale of works
  • Performance fees
  • Commissions and fees
  • Royalties
  • Advances against future royalties
  • Prizes
  • Grants

earned anywhere in the world.

This may (and usually is) in a cash form, but it may be in-kind. An example of in-kind income could be the awarding of a prize or grant to a visual artist which takes the form of the provision of an airfare, or accommodation supplied.

The income items noted above also constitute income which may be subject to the averaging provisions.

See also A Business or a Hobby
See also Income Averaging for Artists