In The Picture

Our latest client newsletter covering an important AML update and some news from our team. Read it here
In The Picture - Tax Update - https://mailchi.mp/inthepicture/tax-update

Income averaging is a tax break for special professionals whose earnings jump around from year to year. Instead of taxing a single high‑earning year at full force, the ATO spreads that income across the previous four years, smoothing out the tax impact and often reducing what you owe overall. Sudden boosts in income — royalties, awards, big contracts — are treated as though they were earned gradually, giving you steadier tax bills and clearer budgeting.

Eligibility is limited to certain creative and sporting professions where irregular income is normal. You may qualify if you work as an author or artist, a performing artist, a production professional, or a sportsperson.

To use income averaging, you must be an Australian tax resident and have earned at least $2,500 in taxable income from your professional field in the current or any past year. Once you meet that threshold, your eligibility continues automatically.

Call us on 02 92115411 to book in a free 15 minute consultation to check your elegibilty.

In The Picture explains Income Averaging Income Averaging ensures you get all the tax refunds you deserve....

It's Budget time!!
Our Tax Matters Newsletter covers all the relevant tax and superannuation changes from the 2026-27 Federal Budget - 2026 Budget Newsletter - https://mailchi.mp/inthepicture/2026-budget-newsletter