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  • #999948
    hooroo_guru
    Member
    • Total posts: 1

    Merry Christmas!

    I’ve had lots of different feedback regarding this question, so really just after a few more opinions.

    Currently my wife and I both work full time, our combined incomes are approx. 185k gross.

    We are wanting to purchase a small business for approx. 75k, which should pay us approx. 20k pa. gross, less 4.5k in loan repayments. I’m wanting to use the business to pay for our cars, phones, internet and anything else I can claim as a business related expense.

    Should I be operating the business as a sole trader or a company? Which is the best way of doing this for our tax benefit? Both my wife and I are wanting to continue working full time with no change to our salary.

    Any assistance or advice you can provide would be much appreciated.

    #1221974
    JamesMillar
    Participant
    • Total posts: 1,676
    hooroo_guru, post: 268158, member: 116712 wrote:
    Merry Christmas!

    I’ve had lots of different feedback regarding this question, so really just after a few more opinions.

    Currently my wife and I both work full time, our combined incomes are approx. 185k gross.

    We are wanting to purchase a small business for approx. 75k, which should pay us approx. 20k pa. gross, less 4.5k in loan repayments. I’m wanting to use the business to pay for our cars, phones, internet and anything else I can claim as a business related expense.

    Should I be operating the business as a sole trader or a company? Which is the best way of doing this for our tax benefit? Both my wife and I are wanting to continue working full time with no change to our salary.

    Any assistance or advice you can provide would be much appreciated.

    Have you spoken with an accountant about this?

    #1221975
    bb1
    Participant
    • Total posts: 4,472

    To add to [USER=5318]@JamesMillar[/USER] comment, who has given you the ”lots of feedback”, if it was a neighbour, a friend, your brother, your cat, from a forum, your wife, etc. Ignore it, go to an accountant, all the rest have no idea.

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