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Home-Based-Business-How-to-Make-More-Money

A home based business is when you operate a business from home.

These businesses can include many types such as dentists, hairdressers, restaurants ….. tradies……financial adviors, accountants and even security services.

Why work from home?

One obvious reason is that you don’t need to pay rent. This potentially saves the business owner thousands of dollars every year.

Another reason is for convenience. In some cases, children can be close at hand while the business can still run successfully, saving money on daycare expenses and it gives flexibility that a family may need.

Some of your expenses you incurr such as electricity, computer,phone and running expenses can potentially become tax deductible for your business.

Deductions you may be able to claim You do have a work area You don’t have a work area
Cost of using a room’s utilities such as gas and electricity Yes Yes
Work-related phone costs Yes Yes
Decline in value (depreciation) of office plant and equipment such as desks, chairs and computers Yes Yes
Decline in value (depreciation) of curtains, carpets and light fittings Yes No
Occupancy expenses such as rent, mortgage interest, insurance and rates No No

If you buy tools, equipment and other assets that help you earn an income,you can claim a deducation for all or part of the cost. When tools are used for both private and business you can apportion part of the expense to business only. When a computer is used for both private and personal uses this rule also applies.

Capital Gains Tax

Generally CGT is not paid on an owner occupied home. However, if you run a business from home, and have claimed expenses, CGT may apply. To satisfy the interest deductibilty test you may have to pay Capital Gains Tax when you sell your home.

Capital Gains Tax will not apply:

  • If you operate a business from a rented home
  • You do not have an area set aside for the business
  • You operate your business through a company or trust

Tax Basis For Small Business

The ATO have recorded webinars which can be accessed by a smart phone or computer which you can access on tax basics for small business.

 

October 2, 2015By Veronica TretheweyUncategorized

About the author

Veronica Trethewey is the Director of BookSenz Pty Ltd with over 30 years experience in bookkeeping and administration. She has helped a large number of Western Australian businesses with managing their finances.

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What our clients say
  • I have always found Veronica at BookSenz to be valuable assistance to my business over the last few years. Always willing to listen and discuss ideas as well as being calm and patient with difficult questions and tasks and trust me I can be a difficult client. Highly recommended!
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    Dean Hopkins
  • Thank you for your support to Blue Lizard Gallery through the services you offer through Booksenz.  Your company made it so much easier to me as a business owner to focus on the things that are critical to grow my business.

    Your guidance, assistance and knowledge in book keeping is so valuable and critical for me as a new migrant to Australia to understand bookkeeping. I can highly recommend your services at all times to any business  that are interested in a systematic approach toward their book keeping giving them peace of mind. I want to extend my appreciation to you in every possible way as I know YOU and your company made all the difference with the wonderful value you add constantly.

    Your friendly, uplifting character makes it easy to work with all the time.

    May BookSenz be blessed without measure.

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    Erika Engelbrecht
    Blue Lizard Gallery
  • I have been in business for 20 years and over that time have had bookkeepers working for me as employees. My accountant put Veronica in contact with me when my then current bookkeeper resigned and I appointed BookSenz as my bookkeeper. Since that time, I have received service which has surpassed all expectations. In a short time:
    • The backlog of paperwork left by my previous bookkeeper has been sorted
    • My stress levels have reduced
    • Understanding of business finances has improved by the raft of reports I receive
    • Constant updates keep me informed on a weekly basis
    I have greater understanding of where my business is going and can also see the improvements when comparing previous years. BookSenz has proved to be very efficient, organised and pleasant to deal with. This has flowed into my workforce where my employees have commented on the pleasantness and efficiency. I would recommend BookSenz to any business looking for a reliable, trustworthy and efficient bookkeeper.
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    Steve Pearson
    Lansam Nursery
  • Going to the accountant is always a pleasure for me AND my accountant. The accountant says she looks forward to my paperwork because it's all in order and like a breath of fresh air (which has also saved me expensive accountant fees). Knowing my bookkeeping is in order, every year I make an appointment towards the end of July. Once there I know within an hour I will be walking out with no surprises. Thanks to BookSenz - I Love Tax Time!
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    Grant
    Bethel Estate
  • Veronica at BookSenz provides a great personal service for bookkeeping. She helps Gingin Observatory keep up with invoicing and outstanding accounts. It's also great to see the report of expense graphs that help with business planning. Handing over the bookkeeping to a qualified professional has been a weight lifted off my shoulders and has given me more time to work on the business rather than in the business. It has helped Gingin Observatory grow because I can concentrate on other things such as marketing and promotion.
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  • Home
    • Our System
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    • Locations
      • Bookkeeping Beldon
      • Bookkeeping Craigie
      • Bookkeeping Edgewater
      • Bookkeeping Gingin
      • Bookkeeping Hillarys
      • Bookkeeping Joondalup
      • Bookkeeping Mullaloo
      • Bookkeeping Ocean Reef
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      • Bookkeeping Yanchep / Two Rocks
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