Zwai Bala owed SARS R2 million in taxes at one point due to ignorance

Zwai Bala owed SARS R2 million in taxes at one point due to ignorance

- Zwai Bala was at one point deeply in debt to SARS due his own ignorance

- He did not understand the basics of business and it cost him

- He shared his experiences with a group of young artists

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Musician Zwai Bala told young artists that due to his own ignorance and being told that muscians did not pay taxes he ended up R2 million in the red. He was speaking at the Masterclass for Old Mutal and AMPD Studios.

Briefly.co.za learned that Bala was telling young artists that financial management was of the utmost importance when their careers took off.

He ended up owing SARS a huge amount of money:

“Simply because no one had shown me how to register with Sars or to make regular contributions as I earned."

Bala's music career dates back to his days in the very successful group TKZee as well as being a solo artist.

He told his students to identify what is most important to them and what they can offer.

“If you don’t have your own plan, you’re gonna be part of someone else’s plan,” he warned.

He cautioned the young artists that they must prepare themselves for inevitable failure but see it as a learning experience rather than a setback.

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“Success allows you to pinpoint what works for you as a music entrepreneur; failure gives you an opportunity to pinpoint what doesn’t work for you,” he said.

He told the students that they need to research and get to know the basics of business such as contacts, business plans, accounting and negotiations according to iol.co.za.

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“As a musical professional, you need to understand all the details and make all the creative and financial decisions yourself even if these are outsourced to your manager or record label,” he advised.

On a final note, he told the aspiring artists that they must remain authentic and maintain their credibility.

“The more credible you are, the more sustainable your music brand will be. Relationships are everything in this industry.”

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Source: Briefly.co.za

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