Using home as business premises

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Using home as business premises

Hi we are going to be using the square metre expense option for using our garage and part of our home for business purposes and am stuck on how to record the expense in myob? Any help would be great please, its my husbands new sole trader business selling used cars and I am trying to figure it all out so we can do our tax and accounting ourselves

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Re: Using home as business premises

Hi @ZM4T 

 

I’d recommend seeking the advice of an accountant to ensure that you get everything set up correctly as well as how the entry would look. Even if your wanting to do all the accounting yourself, its worth getting the right advice to begin with so that you can be sure you’re going to be recording things correctly.

Regards,
Neil

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Re: Using home as business premises

@ZM4T @Neil_M 

 

As Neil suggested, you should talk to your Tax Accountant to at least confirm the workings.

 

I would use a recurring monthly Journal eg debit Monthly Rent - Garage   Cr Equity/Drawings.

Note Residential Rent has no GST. 

 

Let me know how you go.

 

Duncan

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
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Re: Using home as business premises

Thank you for all the help have found an accountant to help sort it out

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Re: Using home as business premises

Thank you so much, have found an accountant to get it all started up for us and show is how to get it done

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Re: Using home as business premises

@ZM4T 

 

Do let us know the method that your Accountant suggests.

 

I do strongly recommend monthly journal entries.

Some Accountants like to do annual accounting/recording.

Monthly accounting is important to business owners to have a correct P&L during the FY.

 

I note that the business is a sole trader.

My advice to business owners is to have a company from day one of the business or 01 July being the start of the FY.

Have a talk to your Tax Accountant.

 

Duncan

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days

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