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@johcaschro wrote:

"Plus it is a lot more interesting running your own business rather than watching the clock all day. Its worth trying if you have never done it."

 

And all those tax deductions, eh?  Mouth-wateringly interesting.

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And what tax deductions would those be?   Paying your own superannuation instead the the boss paying it for you?  Or maybe paying your own Workers Compensation premiums even when you are too old to use it effectively?

Maybe you'd better ask chameleon, he seems to know what I'm talking about. 😉

There are certainly a number of tax deductions to running your own business. How many probably depends on the type of business and your accountant.

In my case it includes

* all phone and internet expenses

* All computer costs

* A portion of my car expenses and all of my ute expenses including repairs, depreciation and registration costs

* Any study or education

* All newspapers and journals

* All office equipment and sundry stationary expenses

* All dog registration, food and veterinary costs for my mates ( sheepdogs )

* All motor cycle registration and running costs on my trail bikes

* All accomodation expenses for trips away. ( I,m always looking at business opportunities while travelling ...)

* My boots ( safety steelcap boots )

* All trailer costs

* all diesel fuel used.

* Any costs associated with shares or financial services ie. brokerage, interest on loans for shares etc.

* Any equipment I hire ( I cleaned the ute with that preasure cleaner I hired at christmas while I also sprayed down the pavers....   )

* Most bank charges and intrest payments except those directly related to our home loan

* Many small items like calanders, gas bottle refills, sticky tape etc.

* Any photocopying I have done

* My mail box rent at the PO

* Any power tools, hand tools or garage equipment I buy including oils, CRC sprays etc.

* All costs associated with having an accountant prepare my taxation records

* Paints and painting accessories

* Tyre repairs & replacement on everything except my car.

* Tow bars when fitted to any vehicle I purchase

* Registration costs on everything except my private car

* My insurance costs, its all under a business bundle.

I,m sure I missed a few, but you get the general idea.

I knew that. 🙂

And, just hypothetically, if a person has another income separate from their "business" so they don't need to rely on it for life-support, then that business can afford to operate at a loss, but with all of those tax deductions to offset, it can actually work out to be (undeclaredly) profitable.

Have you ever noticed these dingy secondhand shops which don't seem to do much trade and are only open on an irregular basis and always seem to be offering a closing down sale, only to be re-opened later as the same sort of business but under a different name?