The Creative’s Guide to Tax, GST, and Super: Financial Tips from Lucas at Darkwave Consulting.

11 June

Navigating the financial side of a creative career can feel overwhelming, especially when you’re juggling gigs, invoices, and inspiration. That’s why our recent podcast episode with Lucas from Darkwave Consulting is a must-listen. Lucas specializes in helping creatives understand their tax obligations, manage GST, and sort out superannuation—so you can focus on doing what you love without financial stress.

Here’s a breakdown of the key takeaways from our conversation with Lucas, made easy to follow and practical to apply.

1. Start With Strong Record-Keeping

If there’s one thing creatives often overlook, it’s keeping good financial records. But skipping this step can cost you—literally.

Lucas's Tip:
Start with a reliable record-keeping system from day one. Use tools like the ATO app, Xero, or QuickBooks to track expenses and income. This helps:

Maximise tax deductions
Stay organised for BAS and tax time
Avoid unnecessary stress and audits

2. Understand Your GST Obligations

Freelancers often hover around the $75,000 GST threshold, which can make things tricky. Should you register? What happens if your income dips?

Lucas breaks it down:

If you earn over $75K a year, you must register for GST
Keep records of your invoices and GST collected
If income drops below the threshold, you can deregister, but only if it’s a consistent change
Use a travel diary to separate business and personal travel—this helps with GST and tax claims

3.Freelancers and Superannuation: What You Need to Know

Super can get confusing when you’re self-employed. Should you be paying it? Should your agents or clients? Lucas clarifies the common grey areas, listen to the podcast to hear these.

4. Separate Your Business and Personal Finances

It might seem small, but mixing personal and business accounts is a big mistake.

Why it matters:

Makes it easier to track income and expenses
Helps with accurate reporting for tax and GST
Keeps your financial life clean and clear—especially if you get audited

5. Know When to Register for GST and Track Contractor Payments

Lucas also touches on some of the trickier topics like:

When it’s the right time to register for GST (tip: sooner than you think!)
How to manage payments if you hire or collaborate with other freelancers
The importance of clear agreements around invoicing and tax responsibilities

Final Thoughts: Creative, But Compliant

The biggest takeaway? Don’t ignore the financial side of your business. Even if numbers aren’t your thing, a bit of structure can go a long way. Lucas’s advice is grounded in real-world experience with creatives in the arts, media, and entertainment industries.

Take action now:

Set up a record-keeping system
Know your GST status
Get clear on your super obligations
Separate your business and personal finances

Listen to the full episode with Lucas from Darkwave Consulting for even more insights and practical tips to help you stay financially strong while building your creative career.

Vanessa Baney