Electra Frost is truly the freelancer's friend. Formerly of powerhouse accountants EntArt, Electra has set up her own business in Sydney and is a
wealth of information for anyone wanting to legally make the most of their tax situation, and navigate those scary waters with a trusted comrade!
wealth of information for anyone wanting to legally make the most of their tax situation, and navigate those scary waters with a trusted comrade!
Imogen, Freelance Success supporter and all-round fab person, recommended Electra Frost. Imogen said "Electra totally
rocked - she was so super helpful and explained all the little things that I should do to make freelancing easier. She was a
wealth of info and lovely to work with (ie not scary)" Wonderful stuff!
Electra Frost was the tax accountant for EntArt Accounting in Bondi Junction since 2002 and recently set up her own small,
specialised practice in Newtown. Her sunny new office in Flourmill Studios is now open for freelance business!
Do you have much experience working with creative freelancers?
Yes. I played in bands before I studied accounting and tax law. I began working as an accountant for creative freelancers in 2001,
which was my original reason for studying accounting, and have never looked back. I just love what I do and the great people I get
to work with every day.
Do you specialise in any particular creative areas?
Almost all of my clients are artists, designers, performers, composers, musicians, film industry professionals and various types
of creative businesses. I also take an interest in other areas including international tax and property tax planning. So I’ll be up to
date whenever my clients need me to be.
What is the ideal relationship that a creative freelancer can have with his or her accountant?
I try to educate my clients as much as possible so that they can manage their day to day business and record keeping
responsibilities themselves to keep their accounting fees to a minimum. However, my clients know I’m there for them all year
round, not just at tax time. It is important to keep in touch with your accountant should problems arise that need to be nipped in
the bud. Then you can focus on what you do best. Many new clients I see are a number of years behind and don’t know where to
start. I get them back on track pretty quickly. If new clients are referred to me via Freelance Success then I'll know they've already
been informed on the issues - good!
Are you able to inform your creative clients about:
Establishing the differences between being a hobbyist and being a business?
- Yes. I am very familiar with Taxation Ruling TR 2005/1: Carrying on a business as a professional artist and relevant
judgements. It makes for some great discussion.
Setting up and managing GST responsibilities?
- Yes. I have a thorough understanding of GST law. It’s necessary to keep current records of your freelance income just in case
you become required to register for GST and need to start using more sophisticated record keeping systems (and possibly the
services of a bookkeeper). This is something I like to keep a close eye on with my clients.
Managing PAYG instalments?
- Yes. This can be a confusing area of ATO administrative practice. Not everyone is happy to pay their own tax in advance but you
shouldn’t have to pay more than you’ll owe. The two period instalment arrangements for special professionals and estimating
future tax can be quite complex. Ignoring that scary letter from the ATO won’t make it go away, either, so I encourage my clients to
keep their income records current before calling me for urgent help with that tricky PAYG instalment variation.
Deductions specific to their field?
- Yes. But it’s not just about the deductions specific to your field. It’s also about the deductions specific to your particular
circumstances to the extent that they are legally doable. You get the best value for money from an accountant when they
understand what you do and have the knowledge and confidence to fully explore your potential for tax benefit.
Tax averaging for special professionals?
- Yes. This can be lots of fun!
Would you like to say anything to creative freelancers who might be looking for a new accountant?
I maintain a small client base and may not be able to provide services to new clients during busy times of the year. It’s always
best to email me some information about the kind of business you are in, your current accounting/tax situation and what you are
requiring. I will reply by phone or email. If required, I can introduce you to a bookkeeper to get your accounts in order first.
How much do you charge?
A sole trader’s individual tax return usually costs from $250 to $400 plus GST depending on what it involves. If it may cost more, I’
ll explain why when I see what’s involved. To keep my fees transparent and affordable, I prefer to use a structure of set fees and
efficient practice instead of charging by the hour. Providing incomplete information in stages can increase the cost. To keep
clients' costs to a minimum I encourage them to be well prepared and provide all of the information I need before our meeting
(Freelance Success would be good for that, methinks - ed).
Thanks Electra! Electra Frost Taxation Accounting Services can be found at ...
rocked - she was so super helpful and explained all the little things that I should do to make freelancing easier. She was a
wealth of info and lovely to work with (ie not scary)" Wonderful stuff!
Electra Frost was the tax accountant for EntArt Accounting in Bondi Junction since 2002 and recently set up her own small,
specialised practice in Newtown. Her sunny new office in Flourmill Studios is now open for freelance business!
Do you have much experience working with creative freelancers?
Yes. I played in bands before I studied accounting and tax law. I began working as an accountant for creative freelancers in 2001,
which was my original reason for studying accounting, and have never looked back. I just love what I do and the great people I get
to work with every day.
Do you specialise in any particular creative areas?
Almost all of my clients are artists, designers, performers, composers, musicians, film industry professionals and various types
of creative businesses. I also take an interest in other areas including international tax and property tax planning. So I’ll be up to
date whenever my clients need me to be.
What is the ideal relationship that a creative freelancer can have with his or her accountant?
I try to educate my clients as much as possible so that they can manage their day to day business and record keeping
responsibilities themselves to keep their accounting fees to a minimum. However, my clients know I’m there for them all year
round, not just at tax time. It is important to keep in touch with your accountant should problems arise that need to be nipped in
the bud. Then you can focus on what you do best. Many new clients I see are a number of years behind and don’t know where to
start. I get them back on track pretty quickly. If new clients are referred to me via Freelance Success then I'll know they've already
been informed on the issues - good!
Are you able to inform your creative clients about:
Establishing the differences between being a hobbyist and being a business?
- Yes. I am very familiar with Taxation Ruling TR 2005/1: Carrying on a business as a professional artist and relevant
judgements. It makes for some great discussion.
Setting up and managing GST responsibilities?
- Yes. I have a thorough understanding of GST law. It’s necessary to keep current records of your freelance income just in case
you become required to register for GST and need to start using more sophisticated record keeping systems (and possibly the
services of a bookkeeper). This is something I like to keep a close eye on with my clients.
Managing PAYG instalments?
- Yes. This can be a confusing area of ATO administrative practice. Not everyone is happy to pay their own tax in advance but you
shouldn’t have to pay more than you’ll owe. The two period instalment arrangements for special professionals and estimating
future tax can be quite complex. Ignoring that scary letter from the ATO won’t make it go away, either, so I encourage my clients to
keep their income records current before calling me for urgent help with that tricky PAYG instalment variation.
Deductions specific to their field?
- Yes. But it’s not just about the deductions specific to your field. It’s also about the deductions specific to your particular
circumstances to the extent that they are legally doable. You get the best value for money from an accountant when they
understand what you do and have the knowledge and confidence to fully explore your potential for tax benefit.
Tax averaging for special professionals?
- Yes. This can be lots of fun!
Would you like to say anything to creative freelancers who might be looking for a new accountant?
I maintain a small client base and may not be able to provide services to new clients during busy times of the year. It’s always
best to email me some information about the kind of business you are in, your current accounting/tax situation and what you are
requiring. I will reply by phone or email. If required, I can introduce you to a bookkeeper to get your accounts in order first.
How much do you charge?
A sole trader’s individual tax return usually costs from $250 to $400 plus GST depending on what it involves. If it may cost more, I’
ll explain why when I see what’s involved. To keep my fees transparent and affordable, I prefer to use a structure of set fees and
efficient practice instead of charging by the hour. Providing incomplete information in stages can increase the cost. To keep
clients' costs to a minimum I encourage them to be well prepared and provide all of the information I need before our meeting
(Freelance Success would be good for that, methinks - ed).
Thanks Electra! Electra Frost Taxation Accounting Services can be found at ...
| "Freelance Success is stimulating, educational and inspiring. And I can do my tax now!" - Simon Weston, performer. |
| 407 Flourmill Studios 3 Gladstone Street Newtown NSW 2042 (please note that visiting this office is by appointment only) |
You can email Electra directly for more information on:
| Telephone: 02 9516 3382 |
All text, images and information is © 1994 - 2010
Freelance Success is a registered trademark #1241679.
Freelance Success is another business adventure owned by...
Freelance Success is a registered trademark #1241679.
Freelance Success is another business adventure owned by...
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