Tax

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Tax
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