Unlike USA and New Zealand, to get home business tax savings you need to be earning more then $6,000 a year(check this amount with your accountant) assuming you are a sole trader. Like with any thing, the value isn’t always just the tax savings.
Even if you DIDN’T get ANY home business tax savings, the question remains, would the extra income still make a difference to your standard of living?
Here you will find some useful home based business tax deduction ideas and home business tax tips...
Partnerships and Companies.
If you are in partnership or have a company, not being an accountant, I would strongly recommend that you speak with a qualified CPA. There is also some very specific information from the ATO.
However, from my experience, the long term benefits of being in business with the potential tax savings that can be available to you, is well worth while.
Tax Guide for Independent Sales Agents and Distributors
A tax guide for independent sales agents and distributors has been prepared by the Australian Tax Office (ATO) in conjunction with the Direct Selling Association of Australia.
Also note, the Australian Tax Office, Amway of Australia and Omegatrend Australia Ltd have adopted Administrative Positions for the taxation treatment of Amway Independent Business Owners and Omegatrend Members.
The Amway and Omegatrend Administrative Positions DO NOT APPLY to Agents or Distributors of other direct sales organizations.
Here are some of the home business tax savings you could be having according to the ATO:
As you can see there are many tax savings to be made and is well worth the time and effort to make the most of them.
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