Tax Q&A

Ian Harris added an answer to this question
Ian Harris

Ian Harris, Director at B+I Lockwood Accountants

Top 10%

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
Steve Wilson added an answer to this question
Steve Wilson

Steve Wilson at

Top 30% Get quote
It will depend on how your friend is planning on purchasing the hairdressing salon. If the vendor (seller) is running the salon under a company structure and is planning on selling the company and thus your friend is buying the shares in the company, then any liability will become your friend's liability ...  Continue Reading
Daniel Spark added an answer to this question
Top voted answer
Daniel Spark

Daniel Spark, Director

If you are starting a new business and expect to turnover less than $75,000 AUD (unless you provide taxi travel for passengers in exchange for a fare) registering for GST is optional. However, the ATO only gives you 21 days from the time you are aware that you will turnover more than the threshold to ...  Continue Reading