Tax Q&A

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Will Li added an answer to this question
Will Li

Will Li, Director at SF Capital

One of the first things you should check is to ensure your employment contract does not place any restrictions on you carrying out your part-time business. A lot of part time businesses start by doing something that is related to their main field of work, so it is important to know what you are permitted to do and not permitted to do. Failing to understand this can land you in hotwater with your current employer as well as legal implications for your new business venture.

Shane Van De Vorstenbosch added an answer to this question
Shane Van De Vorstenbosch

Shane Van De Vorstenbosch, Director at

The simplest way to reduce your tax bill is to sell less, or just drop your prices.

Personally I love it when my tax bill climbs. The best one you want to see take off is your BAS. As a business owner, my advice is to focus on paying as much GST as possible by selling more or at a higher ...  Continue Reading
Hatty Bell

, Community Manager at

"Personally I love it when my tax bill climbs." - love this perspective @Shane Van De Vorstenbosch !

Cliona Elliott added an answer to this question
Cliona Elliott

Cliona Elliott, Senior Editor at

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IT professionals can claim a range of tax deductions for work-related expenses. Below is a summary of the most common:
 
Work-related expensesSelf-education expensesCar expensesClothing bought to be used specifically for your job, e.g. a uniform Work-related phone and internet expensesTools ...  Continue Reading
Ian Harris added an answer to this question
Ian Harris

Ian Harris, Partner at B+I Lockwood Accountants

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Because the income of a side business is taxed at marginal rates there is value in considering a little tax planning.
If your spouse is not working then maybe you should consider either operating the business activity in their name or perhaps using a trust for the business so that the profits can be diverted away from the person with the highest income.

Jef Lippiatt added an answer to this question
Jef Lippiatt

Jef Lippiatt, Owner at Startup Chucktown

I think @Apurv Bhalla CPA has listed some great answers.

My perspective may not be as applicable as here in the United States things are a bit different (and to some degree can even vary state to state). 
One of the biggest differences here between personal and company is your liability ...  Continue Reading
Amanda Hoffmann - Certified Bookkeeper, BAS Agent added an answer to this question
Amanda Hoffmann - Certified Bookkeeper, BAS Agent

Amanda Hoffmann - Certified Bookkeeper, BAS Agent, Owner / Manager ★ Certified Bookkeeper ★ BAS Agent at My Office Books - Virtual Bookkeeper & BAS Agent

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Value-based pricing is a strategy being used more often by accounting and even bookkeeping firms. The price is set by their ideal client's perceived value of a product or service.

Value pricing is customer-focused pricing, meaning companies base their pricing on how much the customer ...  Continue Reading