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  • #989015
    MJJ
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    Hi All,

    New to the site, heaps of information and not enough time to look!

    Anyway, got a question. I have a PTY LTD company that I have had for a few years working as a contractor on the side. Never really made any money out of it.
    Circumstances have changed as I have lost my real job, so going contracting full time.
    Business will be profitable, so was wondering how legit ways of getting money out of the business?
    I will pay myself and my wife a small wage, but their will still be a fair bit left over.(As trying to minimise personal tax)
    I have had companies pay for my health insurance and other items as well before in the past, but not sure how this is done or even viable with FBT?
    Also I will be using my shed out the back as a workshop and work area. I will claim a portion of the bills and mortgage interest, but how will this affect capital gains in the future if we sell?
    Having beer and pizza Friday nights in the shed for both employees?
    Supplying tea and coffee?
    Clothes for my wife as long as they have logo?

    I think another trip to see the accountant will be in order, but thought I might be able to get a heads up.

    Can anyone help?

    Thank,

    MJJ

    #1170055
    TehCamel
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    standard office running costs. including internet and phone costs.
    I’d hesitate to claim mortgage, because it does affect your capital gain if you ever sell.

    #1170056
    Anonymous
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    Hi there MJJ,

    TehCamel has given you some handy info to kick off with there, and hopefully there’ll be some additional answers to your question soon too.

    However, please bear in mind that in a forum environment, our resident accountants are usually only able to give you general advice, and for the specific info that applies to your business, you’ll need to have a one-on-one chat with your accountant.

    Good luck with it all, and thanks for joining the forum,
    Jayne

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