As with any new business, there are a number of tax obligations to comply with when starting up. You may need to register for a Tax File Number, Australian Business Number, Goods and Services Tax, Pay As You Go withholding and Fringe Benefits Tax. You may also be eligible to receive small business entity concessions.
If you run a home-based business there are also specific tax issues you should know about, in particular, what expenses you can claim and whether you have to pay capital gains tax when you sell your home.
What to do...
- Visit our Taxation topic for general information on what taxes your business needs to consider.
- Read about home-based business essentials from the Australian Taxation Office (ATO) home-based work webpage.
- See the ATO’s guide on tax and the home-based business for:
