Taxation for home-based business

Taxation for home-based business

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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 carry on 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.

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