Online business – 10 Questions to ask your accountant

July 25th, 2013


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1.  What home office expenses can I claim and will my home be subject to Capital Gains Tax?

2.  Which is the best method to use when claiming motor vehicle expenses?  Is keeping a log book really necessary?

3.  Is it necessary for me to spend money on complex accounting software while my business is still young and not making large profits?

4.  Do I need to pay for a set of financial statements, or is it easier just to do a simple business schedule in my tax return?

5.  Is my online business classed as a hobby or a business by the ATO?

6.  Which tax structure is best for me?

7.  What are the government requirements in my state for setting up an online business from home?

8.  How long do I need to keep my business records for my online business?

9.  How can I save money on my accounting fees?

10.  Should I register my online business for GST, and what are the benefits of registering?  If I decide to register can you help set me up with an Auskey so I can lodge my own BAS online at home?