8. Money Money Money ft. Rachel Cole (Part One)

After a brief tour update, Manon takes it back to basics with Qualified Property Investment Advisor/ professional performer Rachel Cole. We talk about:

• Our industry-specific needs
• What to think about before a contract
• Budgeting on variable income
• Routine vs spontaneity on tour
• How to read your payslip
• How tax works

As mentioned in the episode, here are the resources Rach described:


The ATO page:

https://www.ato.gov.au/Individuals/Income-and-deductions/In-detail/Occupation-and-industry-specific-guides/Performing-artists---income-and-work-related-deductions/?page=2#Deductions

Pay Calc:

https://paycalculator.com.au/

To calculate Pay:

1. If you have a HECS debt – ensure that toggle is on when listing your salary above.
2. Your weekly negotiated salary – ie $1400, is PRE TAX And PRE Commission.  So times that number by 52 to work out your annual Salary.
3. Put that into pay calc
4. It will then tell you how much you should pull in after tax (if you do or don’t have a HECS/HELP debt)
5. Then take your total pre tax salary per week ie 1400. and find 10%.  Or $140.  That is your agents commission. That comes out PRE TAX
6. Minus that 10% figure of your pre-tax salary, from what pay calc says you should be earning after tax.