BUSINESS
I want to start a business what do I do?
It is suggestable to meet with your Accountant to discuss the type of business entity and tax registrations.
The are many options and it is business smart to choose the right entity for your future goals.
I've started my business and unsure whether I need to be GST Registered?
Australian businesses with an gross income (not profit!) of $75,000 or more are required to register for GST. If your business has a lower turnover you are not required to register, but you may do so if you wish. You will only be required to charge your customers GST if you are registered.
I work from home, can I claim home office expenses?
Yes. If a taxpayer carries out all or part of their activities from home and has an office set aside to do the work, some portion of the running expenses can be deducted. A diary should be kept for a minimum of 4 weeks stating hours the office was used for work related purposes.
There are the option to claim the 45c per hour or the occupancy and running expenses. These include:-
- mortgage interest
- rent
- house insurance
- council rates
- insurance
- repairs
- cleaning
- pest control
- maintenance
- decorating
- telephone
- heating
- lighting.
I have contributed money to start my business, can I withdraw this money?
Yes. Regardless of the entity, provided the cashflow is sufficient.
How should I record my income and expenses?
There are many ways to record your income and expenses. This depends on you as an individual and what you are comfortable with. Programs such as MYOB, Quickbooks and Xero are among the popular.
However, a book or excel spreadsheet are just as efficient if starting out.
What computer programs do you recommend?
Depending on what you are looking for in a program, however the recommended programs being MYOB, Quickbooks, Xero and Cashbooks (for primary producers).