Buy or lease business premises

When starting or growing your business, you may need to decide whether to buy commercial property or enter into a commercial lease.

At this stage, it's advisable to seek professional business advice. Accountants, solicitors and other business advisers can advise whether it's in your best interests to buy or lease your business premises and equipment, as well as the tax implications of each option.

Leasing

If you're a business owner and are considering signing a retail lease, make sure you completely understand and agree with the clauses in the lease.

If you are a service provider such as an accountant or consultant, you might decide to rent or hire a premise for short periods, as it is required by your business. Examples might include hiring out a meeting room, in preparation for a customer meeting, or for formal business meetings or functions. Do your research to understand the options available for short term office rental in your area.

It's important to seek financial and legal advice before signing any contract to avoid expensive misunderstandings that could cost you your business.

Read more about commercial leasing in your state or territory.

What to do...

• Visit the Australian Taxation Office website for detailed information on the tax implications of a property used in running a business.
• See Queensland government's information on Finding the right business location.
• Take a look at the free eBooks on leasing commercial property available on the Small Business Development Corporation Western Australia website.