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How do I make it easier to keep track of my business expenses?

yanktank

Have you got a side-hustle; a little startup or hobby business you’re doing on the side? Hey, good for you. Maybe you’re selling handmade candles in a market, or baking wedding cakes at home, it’s for fun as much as it is for profit, and you don’t want it to be a chore. Here’s one simple thing you can do to make your life easier.

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Taking on GST for the first time

touge

So, you have a nice little hobby business, it’s grown from nothing and you’re allowing yourself the thought that you’re doing well. And then someone tells you that maybe you have to register for GST. And that sounds like it’s horribly complicated. It’s not.

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Should I Lease or Buy?

vwparked

A question that we get asked from time to time, is whether it’s better to lease or buy. Say if your business is growing and you need a van. Sure, you can go out and get a loan and buy a van. In that case, you can claim a deduction on the interest cost of the loan, plus the depreciation on the van each year. And if it’s a second-hand van that costs less than $20,000, then until 30 June 2017, you can write off the entire cost in one hit; this will reduce your income tax bill.

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GST Blues for New Businesses

teacup

Running a small business in Australia is a challenging affair. In addition to the daily challenges of running a business and trying to make it profitable, there are a myriad of other things to keep on top of. From superannuation for your staff, to arranging insurance and organising suppliers…especially if you’ve just started a new business, it can all seem overwhelming.

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