Tax

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Tax
Ian Harris added an answer to this question
Ian Harris

Ian Harris, Director 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
Most popular solutions in the community
Tax
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
Amanda Hoffmann - Certified Bookkeeper, BAS Agent added an answer to this question
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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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I find that many small business owners are all too busy working in their business with no time to work on their business. This said I have a number of dot points below to assist with helping to make the process of lodging the tax easier.

Keep personal and business 100% separate.
Too many Mum ...  Continue Reading
Hatty Bell

, Community Manager at

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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It depends on what you need in an accountant @Hatty Bell 
Industry-specific expertise might weigh in as more valuable than being your bestie with the accountant if you are into e-commerce sales. I know of clients who have saved over $20k simply by getting the correct advice/consultation.

It really comes down to what you are wanting to achieve, pay and experience in professional advice.   

Hatty Bell

, Community Manager at

Wow, @Amanda Hoffmann - Certified Bookkeeper, BAS Agent , it's definitely worth investing in the right account then!