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Sh33py
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cretsiah, post: 51042 wrote:
ALWAYS use an accountant to check specifics…
this is very lamens terms and very general
ALWAYS use an accountant to check specifics

are you, or will you be operating as a sole-trader?
by your post i am presuming so.

a) are your products a GST item?
b) best way to think of GST is “its not your money” best analogy for this might be a debt collector. GST is money you collect for (or on behalf of ) the government.
c) find out if a home office is really worth claiming or allowed (example taxi drivers are not allowed to claim home office due to their business being conducted in a vehicle).
d) minus cost of products from your sale price to get your income, add this to your main gross income and then work out the tax rate.

ALWAYS use an accountant to check specifics

hope this may help you a little bit

Hi thank you for responding.

The products I sell are GST items. I am looking into an accountant this week, Would people who deal with BAS be able to clarify all of this for me?. I do consider tax as not my money but I would love to know how much of the money is not mine. I have kept all receipts filed respectfully and all spreadsheets and other documents are accounted for. My concern really is the 45%. I guess if this is true this is a sacrifice I will have to make until my business is firmly rooted in the ground. I was thinking if I were to take a look at where the business is heading after it has paid for itself, would it be a good idea to decide whether I should quit my job and continue pursuing my business. What do you think?.

I am more than willing to take the plunge right now but I promised my partner as it is a great financial risk, although I am a person that likes to just do things and see how it goes because you won’t know until you have done it.