Steer a course to your financial future
Your creative, critical, and collaborative skills as an artist or arts practitioner are an important part of financial planning. Use this navigator to find financial tools that will work for you at different stages of your career.
Financial tools
Goal setting
Setting personal as well as financial goals helps to identify what is important to move forward in your career.
Prioritising these goals makes them more achievable. Use the Sorted goal planner to identify your priorities for managing money.
Goal planner | sorted.org.nz
Budgeting
A budget helps to track money that is coming in (income) and money that is going out (expenses). Review your budget regularly until it works for you and you know it is sustainable. Budgeting is a useful skill for starting a business or getting a grant. When your income is irregular, budgeting can also help to predict your upcoming expenses.
Use this budgeting tool to create a plan for managing your money.
Budgeting Tool | Sorted
Having separate accounts for your creative income and expenses from your other income and expenses can make it easier to budget, and at tax time.
KiwiSaver Calculator
KiwiSaver is a voluntary government investment fund that helps you save for your first home and retirement.
Even if your income is irregular, it is worth considering KiwiSaver because the government makes an annual contribution if you contribute into your fund. Use this KiwiSaver calculator and watch your funds grow over time.
KiwiSaver calculator | Sorted
KiwiSaver fund finder
Use this Sorted tool to help decide which fund and risk level you are comfortable with. This will change at different stages of your life.
KiwiSaver fund finder | Sorted
Getting into your first home
You can use your KiwiSaver to buy a first home with other people. Use this Sorted resource to see if you are eligible.
How KiwiSaver can help you get into your first home | Sorted
Tax: Information for artists and arts practitioners
The Inland Revenue has tools and guides to help you pay taxes, and there are other apps for managing money and taxes. Ask other artists and arts practitioners which ones they use.
Inland Revenue Department (IR): myIR account
Manage your tax and entitlements online.
Register for a personal myIR account | Inland Revenue
Tax calculator
Use the IR income tax calculator to work out how much income tax you need to pay.
Work out tax on your yearly income | Inland Revenue
Use other IR resources to work out different types of taxes.
Calculators and tools | Inland Revenue
End-of-year tax
Watch this video about how to file an end-of-year tax return.
Income tax returns | Inland Revenue (YouTube)
Choosing the correct role for paying tax
Use this guide to work out what your role as an artist or arts practitioner is for tax purposes.
Entertainer, contractor or employee | Inland Revenue
Your tax status
Use this guide to work out what your tax status is.
Self-employed or an employee? How to work out your tax status (PDF 39.1 KB)
Koha and mea alofa
View this link to see what your responsibilities are if you receive a koha or mea alofa.
Donations (koha) | Inland Revenue
Allowances and per diems for contractors and entertainers
Use this guide to work out which allowances you are entitled to.
Allowances and per diems | Inland Revenue
Grants and subsidies
Use this guide to work out your tax responsibilities with grants and subsidies.
Tax on grants and subsidies | Inland Revenue
Bands and entertainers
View this fact sheet for bands and entertainers.
Tax information for bands and entertainers (PDF 279.37 KB)
Withholding taxes
If you are a contractor and you’re not paid wages or a salary, the payer can deduct a withholding tax.
View the Inland Revenue withholding taxes form and information.
Withholding taxes | Inland Revenue
Tax rate notification for contractors (IR330C)
Seek advice
It’s OK to ask for help. Seek advice from mentors or experts for tips and help with managing your money and paying taxes. Good places to start include:
- A qualified accountant.
- Citizens Advice Bureau (CAB) for free financial information.
Search your rights / Financial advice | Citizens advice - A trusted whānau member with financial expertise.
Free government financial services
- Family Services Directory.
Getting help with your budget | New Zealand Government - Ministry of Social Development – Money Talks.
Building Financial Capability | Ministry of Social Development - Financial help and services | New Zealand Government
- The Retirement Commission.
Sorted | Your independent money guide - Inland Revenue provides a support service.
Contact us | Inland Revenue - Work and Income provides support for creative careers in some regions.
Creative Careers Service | Work and Income
What's next
Develop your own next steps and collaborate with others to continue to grow your career. Consider what is on top for you, and who you can go to for support in the following areas:
- Goal Setting
- Budgeting
- KiwiSaver
- Tax
Create a business
Useful guides, tools, tips and resources for creating a business start-up as an artist or arts practitioner.
Watch the video interview with artist Jamie McCaskill to hear how one artist thinks about his art as a business.
Ko tā te ringatoi tirohanga ki te para i tētahi aramahi toitū | An artist’s perspective on building a sustainable career (youtube)
Starting a business
Information and guidance from the Ministry of Business, Innovation & Employment
View the steps for starting a business.
Starting a business | Ministry of Business, Innovation & Employment
Read this overview of the tools and resources available to business start-ups.
Our tools and resources | Ministry of Business, Innovation & Employment
Key considerations for owning a business as an artist or arts practitioner
Deciding on the right structure for your business is a good first step in the process.
Becoming a sole trader | MBIE
Many businesses are started by people who are contractors or sole traders. Read this guide to see if the sole trader structure is right for your business.
Becoming a sole-trader | Ministry of Business, Innovation & Employment
Watch this Inland Revenue (IR) video about being a sole trader
Business Basics | Sole Trader | Inland Revenue
Company structures
Watch this Inland Revenue video to learn more about company structures.
Business Basics | Company Structure | Inland Revenue (YouTube)
Plan for success: Why do you need a business plan?
Read this guide to business planning.
When business planning is right for you | Ministry of Business, Innovation & Employment
Writing a business plan
A business plan reflects your business. They come in a variety of formats. You may need a business plan to apply for funding and grants.
Check out these free templates and tailor them to suit your business needs.
How to write a business plan | Ministry of Business, Innovation & Employment
Use SMART goals to create content for your business plan
SMART goals:
Specific – Identify what you want as an outcome. Keep it tight.
Measurable – Decide on how you will know when you have achieved this.
Attainable – Identify your steps and any challenges you may face.
Relevant – Is this a priority for you right now and if so why?
Timebound – Decide on a date that you want this completed to keep yourself on track.
Cash flow and revenue forecasting
Use this cash flow forecasting tool to give your business a financial health check.
Cash Flow Forecaster | Ministry of Business, Innovation & Employment
If you are having trouble paying tax, follow this step-by-step Inland Revenue guide to sending a 12-month cash flow forecast to support financial relief.
Send a Twelve month cash flow forecast - IR591 | Inland Revenue
KiwiSaver for self-employed people
Read this guide to how KiwiSaver works for people who are self-employed or a sole trader.
Self-employed – your guide to KiwiSaver (PDF 193 KB)
Funding eligibility to set up your business
View this resource to see if you are eligible for government funding to start your new business.
Funding explorer | Ministry of Business, Innovation & Employment
You may be eligible for Work and Income (WINZ) grants:
Resilience for small business owners
Watch this video on building resilience for small businesses.
Resilience for small businesses | Ministry of Business, Innovation & Employment (YouTube)
Work smart
There are many financial tools available to help you manage your time efficiently. Ask other artists and arts practitioners which financial tools they use to achieve this.
Support for your business
As an artist or arts practitioner, you can create an online account with the Ministry of Business, Innovation & Employment (MBIE) for advice, tools and tips to help you set up your business successfully.
Use the Do Business online tool to check out the many resources MBIE is offering.
Do Business online | Ministry of Business, Innovation & Employment
Te Puni Kōkiri
The Māori Enterprise team are here to tautoko you and your businesses to thrive. They provide services by Māori, for Māori and with Māori to support the growth and sustainability of businesses.
Pakihi Māori – Māori Enterprise | Te Puni Kōkiri
Pacific Business Trust
Access this hub of business resources that have been collected in one place.
Resources for you | Pacific Business Trust
Other organisations
Other organisations also support artists with their businesses including:
- Oyster Workshop
- Powered by Volt (a paid service)
Invoicing
What is an invoice
An invoice is an itemised account for the service or products you (the supplier) supplied to your client (the buyer). Many software, such as Google Sheets and Microsoft Excel, offer invoice templates that you can adapt. An invoice needs to include:
- The cost of your services or product
- The GST payable or a statement that GST is included (depending on if you are GST registered or not)
- A unique reference number
- Your bank account details
- Your contact details and address
- The address and details of your client
- Your GST number (if you are GST registered)
- When you expect the buyer to pay
Cash flow is key in all businesses. Issue invoices promptly so your buyers can pay you.
Download a Microsoft Word invoice template and watch a video with tips on invoicing. These resources were designed for tradespeople but the invoice and tips are equally helpful for all small businesses including creative businesses.
How to prepare an invoice | Ministry of Business, Innovation & Employment
Withholding taxes or tax on schedular payments
Some entities may require you to include withholding tax in your invoice. View the information on the IR330C on the link about working multiple jobs as well as the Inland Revenue Information.
Working multiple jobs | Ministry of Business, Innovation & Employment
Schedular payments | Inland Revenue
What is e-invoicing?
E-invoicing is the digital exchange of financial information between suppliers that buyers and is designed to be user-friendly, accurate, secure, and time-efficient.
What are the benefits of e-invoicing?
View this resource about the benefits of e-invoicing and the value it could add to your business.
Benefits of eInvoicing | Ministry of Business, Innovation & Employment
E-invoicing for small and medium-sized businesses
Read this guide to getting your business ready for e-invoicing.
Einvoicing: Getting your business up to speed (PDF 744 KB)
View the guides and tips available to support small and medium-sized businesses with e-invoicing.
Advice for small and medium businesses | Ministry of Business, Innovation & Employment
Getting paid on time
Keeping on top of your cash flow is important. Check out this set of resources and tips for keeping cash flowing into your business.
Getting paid on time | Ministry of Business, Innovation & Employment
Create income
You can create income in multiple ways while you build a sustainable career as an artist or arts practitioner.
Ask other experienced artists or arts practitioners to share their experiences with creating income streams. Some income streams create passive income. This kind of income requires little or no effort to earn. This might come from royalties from selling your art form or investments.
Income
Royalties
You can sell your intellectual property and get royalty payments every time your artform is sold, viewed, listened to, or used. This can also apply to resales of your artform. Royalty payments are taxed as either personal income or as business income.
Resale Royalty Scheme
This scheme is set up to ensure visual artists are recognised and rewarded when their work is resold on the secondary art market. View this resource about how to access the Artist Resale Royalty Scheme.
Artist Resale Royalty Scheme | Ministry for Culture and Heritage
APRA AMCOS
APRA AMCOS is a music management organisation that pays royalties to music creators when their music is played or copied, both locally and overseas.
APRA AMCOS
Recorded Music NZ
Recorded Music NZ is an organisation that supports recording artists and rights holders in Aotearoa through licensing.
MUSIC MAKERS | Recorded Music NZ
Earn money through the gig economy
The gig economy offers ways to earn income, sometimes without leaving the house. If you have a side hustle, it’s a good idea to put aside money for tax as you earn it.
Read the stories of four artists who work in the creative sector and have more than one job.
The Other Work | The Big Idea
Music gigs
View these tips from the Dunedin City Council for musicians organising their own gigs.
Gigs 101 | Dunedin City Council
Putting on a show
View the Artist Base at the Basement Theatre for templates and guides to support putting on a show.
Artist Base | Basement Theatre
Earn income by applying for grants and funding
Apply for a grant to boost your income. Prepare in advance so you’re ready to take advantage of all opportunities.
Checklist:
- Check your eligibility, the criteria and the purpose of the grant.
- Set up alerts in your calendar for grants that you are eligible for.
- Keep all the necessary accompanying information on hand and ready to upload.
- Be aware of what can and cannot be funded.
- Engage a financial expert to review your budgets.
- Ask a critical friend or mentor to review your applications.
- Submit your grant applications on the due dates.
- If you are successful, you may be asked to submit more information at this stage.
Funding opportunities
Read about the opportunities available for funding through Creative New Zealand.
All opportunities | Creative New Zealand
Creative New Zealand provides a portal for applying for grants. View the portal help section to support how you access the portal.
CNZ Portal help | Creative New Zealand
Find other funding opportunities from other organisations (compiled by Creative New Zealand).
Other sources of funding and support | Creative New Zealand
The New Zealand Music Commission offers information about support for international careers.
Outward Sound | New Zealand Music Commission
Explore the funding opportunities that are available for artists and arts practitioners from New Zealand on Air.
Funding | NZ On Air
The New Zealand Film Commission also has a funding programme.
Funding and support
Access funding through Te Hunga Hauā Māuri mō ngā tāngata katoa CCS Disability Action.
Home | CCS Disability Action
Check local council websites for local and community based funding.
The Arts Foundation Te Tumu Toi aims to boost opportunities for artists and to amplify their impact.
About the Arts Foundation | The Arts Foundation Te Tumu Toi
The Arts Foundation also runs the arts crowdfunding site Boosted.
Boosted NZ
Another funding option for arts organisations is Generosity NZ. This is the largest digital search facility for funding information in Aotearoa. Creative New Zealand subscribes to two of Generosity NZ’s databases.
Generosity NZ databases | Creative New Zealand
Oyster workshop is developing a funding calendar to support artists and arts practitioners with knowing when funds or grants are closing.
Your responsibilities when you receive a grant or funding agreement
When you receive a grant or an agreement with an organisation or person, it is important to fulfil your responsibilities or you will be in breach of the agreement. Carefully check what reports you need to provide and the deadlines, because this can affect your funding and potential for receiving future funding.
Income and tax
Multiple income streams
Having more than one source of income may affect how much tax you have to pay. Make sure you understand the tax rates and which codes to use.
Use this guide to check your tax code if you are a salary or wage earner, or if you have a secondary income.
Tax rates for individuals | Inland Revenue
Working multiple jobs | Ministry of Business, Innovation & Employment
Receiving or gifting koha
This resource explains how to work out whether you need to pay tax for koha on a case by case basis.
Donations (koha) | Inland Revenue
Content creation
View this guide to paying tax on payments, products, and services content creators receive.
Content creators receiving payments, products and services | Inland Revenue
This Inland Revenue interpretation statement offers more information about your tax requirements as a content creator.
Content creators – tax issues (PDF 747 KB)
Paying tax on grants or subsidies
Use this Inland Revenue fact sheet and flowchart to work out if GST is payable on a grant or subsidy.
GST – Section 5(6D): Payments in the nature of a grant or subsidy (PDF 309 KB)
View this summary of paying tax on grants and subsidies.
Tax on grants and subsidies | Inland Revenue
Seek advice
Seeking financial advice about the tax or benefit implications for new income streams is a good idea. Inland Revenue and the Citizens Advice Bureau offer free advice.
You can also pay for advice from an accountant.
What’s next?
Develop your own next steps and collaborate with others to continue to grow your career. Consider what is on top for you, and who you can go to for support in the following areas:
- Multiple streams of income
- Grants and funding agreements
- Tax requirements
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