Track music income and expenses for stress-free tax time

Setting up your money tracker

Before you start recording transactions, take a few minutes to configure Crescender's financial tracking to match how you work.

1. Enable financial tracking Go to Settings → Finances and enable the money tracker. This unlocks income and expense recording.

2. Set your tax year Choose Australian Financial Year (July 1 - June 30) or Calendar Year. This affects how reports are grouped.

3. Configure GST If you're registered for GST, enable it. Crescender will automatically calculate GST on eligible transactions.

4. Set up categories Review default categories (Gear, Travel, Lessons, Gigs, etc.) and add any custom ones you need.

Recording income

Musicians have diverse income streams. Crescender helps you track them all in one place.

Types of music income

Gig payments:

• One-off performances
• Regular venue residencies
• Festival appearances
• Private events

Teaching income:

• Private music lessons
• Group classes
• Online teaching
• Workshop fees

Royalties and licensing:

• Streaming royalties
• Sync licensing
• Mechanical royalties
• Performance royalties

Other income:

• Merchandise sales
• Session work
• Production fees
• Consulting

Recording a payment

1. Go to Finances → Income
2. Click "New Income"
3. Enter the amount (before GST if applicable)
4. Select the date received
5. Choose category (Gig, Teaching, Royalties, etc.)
6. Add source/payer name
7. Add notes (gig name, student name, project, etc.)
8. If GST applies, Crescender calculates it automatically

Regular income templates

For recurring income (like weekly lessons), create templates:

1. Go to Finances → Templates
2. Create a new income template
3. Set amount, category, and default notes
4. Use "Quick Add" to record the same income quickly

Tracking expenses

Expenses are where most musicians lose track. Crescender makes it easy to capture everything that's tax-deductible.

Common music expenses

Gear and equipment:

• Instruments and accessories
• Amplifiers and speakers
• Cables, stands, cases
• Recording equipment
• Software and plugins

Travel:

• Fuel for gigs and rehearsals
• Public transport
• Accommodation for tours
• Parking fees
• Flights for performances

Education and development:

• Music lessons and masterclasses
• Workshops and conferences
• Online courses
• Books and sheet music

Promotion and marketing:

• Website hosting
• Social media advertising
• Photography and videography
• Press kits and promotional materials

Rehearsal and studio:

• Rehearsal space rent
• Studio time
• Producer fees
• Mixing and mastering

Professional services:

• Accountant fees
• Legal advice
• Management fees
• Publicist fees

Recording an expense

1. Go to Finances → Expenses
2. Click "New Expense"
3. Enter the amount (including GST)
4. Select the date
5. Choose category
6. Add vendor/store name
7. Add description
8. If you have a receipt, scan it with GearGrabber or upload an image

Australian GST handling

GST can be confusing, but Crescender handles it automatically once configured.

How GST works

GST on income:

• If you're GST-registered, you charge GST on your services
• Example: $100 lesson + $10 GST = $110 total
• You record $100 as income, Crescender tracks $10 GST separately

GST on expenses:

• Most business expenses include GST
• Example: $110 amplifier (includes $10 GST)
• You record $110 expense, but only $100 is tax-deductible
• Crescender tracks the $10 GST credit separately

GST credits and BAS

When you're GST-registered:

• You collect GST on sales (GST on income)
• You pay GST on purchases (GST on expenses)
• The difference is what you owe (or get refunded) on your BAS

Crescender calculates this automatically. Export your GST report before lodging your BAS.

Tax-deductible categorisation

Not all expenses are tax-deductible. Crescender helps you categorise correctly.

Fully deductible expenses

• Gear: Instruments, equipment, accessories (if used for work)
• Travel: To gigs, rehearsals, lessons (not commuting to regular work)
• Education: Lessons, workshops, courses related to your music career
• Promotion: Marketing, advertising, website costs
• Professional services: Accountant, lawyer, manager fees
• Rehearsal/studio: Space rent, recording costs

Partially deductible expenses

• Home office: If you teach or work from home, a portion of rent/utilities may be deductible
• Phone/internet: Business portion only
• Vehicle: Business use percentage

Not deductible

• Personal expenses: Clothes, food (unless for business meals)
• Commuting: Travel to your regular place of work
• Capital expenses: Large equipment purchases may need depreciation instead

Receipt linking with GearGrabber

GearGrabber makes expense tracking effortless by automatically extracting data from receipts.

How it works

1. Scan a receipt with GearGrabber (photo or PDF upload)
2. AI extracts data: Amount, date, vendor, GST amount, items
3. Review and confirm: Edit any incorrect data
4. Save: Creates expense record automatically in Crescender
5. Cross-links: Links to gear items and calendar events if applicable

Benefits

• No manual entry: Data extracted automatically
• Never lose receipts: Digital copies stored permanently
• GST handled: Automatically calculated and recorded
• Searchable: Find expenses by vendor, date, or item
• Tax-ready: All data formatted for accountant export

End-of-year reporting

When tax time arrives, Crescender makes it easy to generate everything your accountant needs.

Financial year summary

1. Go to Finances → Reports
2. Select date range (July 1 - June 30 for Australian tax year)
3. Choose report type:
   • Income Summary: All income by category
   • Expense Summary: All expenses by category
   • GST Report: GST collected and paid
   • Full Financial Report: Complete breakdown

Exporting for your accountant

1. Generate the Full Financial Report
2. Click "Export as CSV"
3. Review the exported file
4. Send to your accountant along with:
   • Receipts (scanned via GearGrabber)
   • Bank statements
   • Any other relevant documents

What your accountant gets

• Income breakdown: By category, with dates and sources
• Expense breakdown: By category, with dates and vendors
• GST summary: Collected vs paid, ready for BAS
• Receipt links: All scanned receipts accessible
• Tax-deductible totals: Clear separation of deductible vs non-deductible

Getting started checklist

• [ ] Enable financial tracking in settings
• [ ] Configure GST settings (if applicable)
• [ ] Set up income and expense categories
• [ ] Record your first income transaction
• [ ] Record your first expense transaction
• [ ] Link GearGrabber for receipt scanning
• [ ] Set up income templates for recurring payments
• [ ] Schedule monthly financial reviews

Tracking your music finances doesn't have to be stressful. With Crescender, everything is organised, GST is handled automatically, and tax time becomes straightforward.