Newsletter - April 2024

We've got a jam-packed issue for you this month!

• 3 things you can do to prep for tax time early - plus your chance to get your top tax questions answered by experts!

• Artists and their tricky tax: Advice from Lauren Thiel, Accountant for Creatives

• Customer Spotlight: How to build a successful freelance editing business with Lauren FingerLearn how to use

• Rounded's time tracker with Bek Lambert of the Freelance Jungle

• March Survey Results: Looking after yourself as a solo business owner

• More helpful resources – some of the best freelancing articles and podcasts we've collected this month

Enjoy!

— The Rounded Team

💡 3 things you can do now to make the most of tax time

1. Start making super contributions

If you haven't already, notify your super fund and start making contributions over the next couple of months. You can contribute up to $27,500.

Read more about making super contributions here, or consult with your accountant.

2. Plan any big expenses in advance

Look ahead and decide if you'll need to make any new purchases this year – say, a new laptop, or an office chair. If so, put some money aside in the budget in June and claim the expense as a deduction.

(P.S. This is only if you actually need something for your business – you shouldn't spend just to knock a few dollars off your tax bill.)

3. Get advice from a tax professional

Reach out to an accountant for advice that's tailored to your business and circumstances. We'll also be hosting a live Q+A in the coming months – you can submit your questions here 👇

🎨 Artists and their tricky tax: Lauren Thiel, the Accountant for Creatives

We’ve partnered with Lauren Thiel, Accountant for Creatives, to answer your toughest tax questions each month.

Here’s our first tip, courtesy of one of you lovely newsletter subscribers:

Question:

I’d like to know more about artists who are represented so only get 60% of the sale price. Is the 40% commission taken by the gallery an artist's tax deduction?

Lauren's answer:

Artists who sell art through a gallery generally should:

• Show the sale revenue as their income

• Show the agent / gallery commission as a deductible expense

This means the amount they receive is ultimately what gets taxed.

Of course, each set-up is a little different so best to check your gallery contracts and speak with your accountant.

Customer Spotlight: Lauren Finger - Freelance Book Editor

I'm a book editor living on the beautiful Central Coast. I've been running my own business for about five and a half years now, and have worked in publishing for over two decades.

Lauren on growing as a freelance editor

Each year, I've focused on one thing to work on, which has helped me avoid being overwhelmed.

For example, in my first year, I looked at my working hours and hourly rate. I realised I wasn’t making enough money based on how much work I was doing, so I prioritised learning how to price my services so I could actually earn enough to pay my bills.

Last year, I was pushing to up my earnings, so I made sure I was being stricter about what kind of jobs I took on and saying no to clients that didn’t fit.

To ensure I’m making progress, I spend a bit of time once a month reviewing how things have gone, how I've felt in general and what else has happened that's affected my business.

Even though I don’t spend much time planning throughout the year, I constantly remind myself of what I’m trying to focus on.

Get your business featured in an upcoming newsletter!

Our monthly newsletter goes out to 9,000+ freelancers and sole traders across Australia. Apply for our Customer Spotlight here.

▶️ Time Tracker Tips with Bek Lambert

Learn how to use Rounded's time tracker to:

• Charge more money

• Make better estimates

• Log the business side of your business

• Look after your own projects better

🗣️ Poll Results: Looking after yourself as a solo business owner

Thank you to everyone who responded to our survey!

• The majority of you (66%) said your mental health has improved since starting your business 🙌

• Physical health was a bit more split, with 50% seeing an improvement since becoming self-employed and 50% seeing a decline

• Most respondents (88%) are working from home all or most of the time

As for what you're working on in 2024 to improve your health, here's a few of the great goals you're setting:

Getting a gym membership and actually going."

"My health deteriorates when I travel a lot so I'm slowly working on decreasing the part of my business that requires travel and seeking our non travel contracts whenever I can."

"HIIT, quitting sugar and booze, more swimming and more weights!"

"Setting small, achievable health and activity goals to build on slowly."

"Doing more of the work and play I love.

We'll be working with an expert on freelancer mental health to provide some more resources in the coming months – stay tuned!

🧠 More helpful resources

• From the Rounded archives: Business bank accounts for sole traders

• The Content Byte: How our co-founder Grant started Rounded, the most common mistakes he sees from freelancers, and why multi-disciplinary freelancing is the future

• The One That Works for You: See how people from all walks of life have built their solo businesses

• How to balance freelancing with a full-time job

• What freelancers need to know about AI

• See how Rounded works in our free weekly masterclass

Cover Photo by Brett Jordan on Unsplash