Having a home based business can bring you a lot of benefits, like
never having to drive to work, being your own boss, and setting your own
work hours. However, you are still running a business, so you need to
follow the laws for having a home based business Australia. One aspect
of your home based business Australia at which you need to look closely
is your taxes.
When looking at your taxes for your home based
business Australia, you should first consider if what you are doing is a
hobby or an actual home based business. A home based business
Australia is one in which the business is operated at home (most of the
business is carried out at the home of the owner) or the business is
operated from home (the business does not own or rent the home of the
owner). However, what you may think is a home based business Australia
may really be a hobby if you do not include what you earn from your
activities in your assessable income or you do not claim any deductions
for expenses associated with your activities.
If you do find that
you are running a home based business Australia, then you should examine
the structure of the business to make sure it is the right structure
for your home based business Australia. Consider if you are truly
running a sole trader, partnership, trust, or company, as your home
based business Australia will be taxed differently depending on how your
business is structured. You want to make sure you are paying the
appropriate type of tax for your home based business Australia. If you
are not sure, you should sit down with a tax or small business
professional to avoid over or underpaying your taxes for your home based
business Australia.
Once you know what type of home based
business Australia that you are running, you will also need to register
you business. It may be a good idea to discuss your home based business
Australia with a professional, as you will need to know what tax
obligations you have. There are three basic tax obligations like the
Goods and Services Tax (GST), Pay As You Go Withholding (PAYG), and the
Fringe Benefits Tax. You may also need to obtain an Australian Business
Number for your home based business Australia.
Should you have a
specific type of home based business Australia, you may need to obtain
licenses or local approvals to run your home based business Australia.
Check with your local or state officials to see what is required for
your home based business Australia.
Should you choose to sell or
close down your home based business Australia, you will need to contact
the Tax Office to make sure that certain tasks are taken care of. For
instance, you may need to cancel your ABN and other registrations. You
may also need to make adjustments to your GST final activity statement,
calculate a capital gain or loss, and even lodge final tax returns
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ReplyDeleteThanks so much!
Debra Curry