YOUR SMALL BUSINESS QUESTIONS ANSWERED | Part 2

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In our previous video, we discussed lots of things like claimable costs for your startup business, why do you need accounting software, business structures, and more!
But we felt like there's still lots of essential matter that needs to be talked about to help and answer your questions regarding your small business.
So today, Sean and I are back for part 2 of our mini-series called Your Small Business Questions Answered!
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Thank you for watching this video. I post weekly videos on this channel to provide the latest and most frequently asked business questions. Please take a second to say hi in the comments below. Also, if you enjoy my comments and find it valuable, subscribe to the channel, like and share it with anyone who you think might find my channel useful!
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► Subscribe to my channel here:
/ daviemach
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Davie has over 10 years experience in advising businesses in management accounting and taxation issues. He heads up a passionate team at Box Advisory Group who are dedicated to offering proactive and outstanding service to our clients.
Davie’s extensive experience in providing tax and consulting advice and astute business knowledge has paved the way for success for many businesses.
He is a member of the Chartered Accountants Australian and New Zealand, a member of the Australian Tax Practitioners Board and holds a Bachelor of Commerce degree from the University of New South Wales.
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Follow Me:
LinkedIn: / davie-mach
Instagram: / boxas_syd
Facebook: / boxadvisory
Website: boxas.com.au/
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DISCLAIMER: Please note that every effort has been made to ensure that the information provided in this video is accurate. You should note, however, that the information is intended as a guide only, providing an overview of general information available to contractors and small businesses. This guide is not intended to be an exhaustive source of information and should not be seen to constitute legal or tax advice. You should, where necessary, seek your own advice for any legal or tax issues raised in your business affairs.
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[@BigDogBestLife]

Love your videos! Thank you! What premises expenses can be claimed when running the business from home - without impacting CGT when selling family home later. Eg working on vehicles in the driveway/carport and a storage space/shed needs to be purchased & installed to house tools/equipment etc

[@thetruth00]

Unbelievable knowledge explained in a simple and perfect way.

[@dougbrazil9157]

you guys are legends.. honestly you are teaching me so much!

[@DavieMach]

I'm happy to hear that, Doug :)

[@TysonTheRand]

Great video lads thank you very much

[@lukekreymborg837]

Great video and content!! keep up the work

[@DavieMach]

Thanks for watching mate

[@Democracy_Manifest_SCM]

Another great video guys!

[@DavieMach]

Glad you enjoyed it!

[@joses5865]

You guys make some cool video's good for learning this side of things keep it up! And Thanks - Question/video: Say you're a sole trader, you do some website work which brings in a little on the regular and you have been trying multiple other online business models under the same business name or different, making some incomes but your expenses outpace any profits perhaps even significantly sometimes year on year seviced by say normal income/job. Do you need to close a business that runs at a loss for multiple years or can you keep going if you wanna keep slogging away while trying to find a model that suits you & then bringing it up to something profitable? Is there any point at which it becomes like a hazard ATO wise etc? Thanks for your time.

[@ChunFatWong]

Nicely done in explaining financial planning and tax implications for small businesses.

[@DavieMach]

Glad you appreciate it!

[@dynamics9000]

Very awesome video and great contents in our Channel ! thanks for sharing , a fellow creator ! subbed !!

[@DavieMach]

Awesome thank you!

[@asianboywhat]

This video is quality. Thanks so much guys 😄

[@DavieMach]

Glad you enjoyed it!

[@KRAZYKORO]

Keep it super simple Dave. Sometimes confusing Dave

[@DavieMach]

Haha I tried to keep it simple! Sorry :(

[@XMitch1332X]

Great video, thanks guys 👍👍👍

[@DavieMach]

Glad you enjoyed it

[@MohamedDahir]

I have seen many time you mentioning dividends! are you able to make a video explaining how dividend works and example. Many Thanks

[@DavieMach]

Thats a great suggestion - we will add it to the drawing board :) Thank you

[@Chris-xu6wy]

Hi great video as always, just wondering if you were my business accountant would you help me grow the business, more revenue, more profits ,would you explain the best structure for growing business. Thanks

[@ICONFESSONEBAPTISM]

3:40 I can understand from the accounting point of view but I think it could be a beneficial thing to do if a sole trader wants to be as transparent as possible to the ATO

[@DavieMach]

We are more referring to personal expenses that dont impact your taxes. So for example luxury good purchases or online personal subscriptions (onlyfans). haha somethings are better not shown to your accountant!

[@MM-kz1kk]

Hi Davey I have just started to watching your videos and just in two videos learnt a great deal. I started a e-commerce sole trader business in 2017 splashed some good cash on it but never got it off the floor. Here are my questions: Do I need to make tax returns even i made no money any of the years since. I noted you stating setup costs are tax deductible. Secondly I would like to get into this business now and may need to travel as well, the time Is coming for me to buy a new car as well and logically thinking to buy a Ute under the business name to support the business. Third question, I think I need to book in a session with you guys to set myself up for success :). Would love to hear back and work with you guys in setting up this venture and maybe more. Are you able to assist?

[@anthonyly9064]

Can you do part 3 ✌️

[@geronimofeliziani4872]

hello, any suggestions on how to secure bank lending to a PTY LTD?

[@daisydaffsforever723]

I have been away from Australia 2 years due to the pandemic. I still have my business but have not done my taxes in those 2 years. Will there be any penalties due?

[@DavieMach]

There could be so it’s best to do this asap. Especially if the business has been running and you have earnt income.

[@jsldiwnd]

what will happen if we show losses every year?

[@adachen6442]

I think you carry the tax losses forward and one day you can offset and pay less tax