• The place to find the right expertise and make better decisions
  • Find the right expertise

I’m working part time and I’m wanting to start a business part time providing lawn care, though I’m unsure if owning and working a business will affect the money I earn working part time?

3 months ago

Responses

Hi Manawa,

Getting into your own small business will impact on your tax at the end of the year, but shouldn't impact the take home pay from your part-time gig. Depending on the income you earn from part-time wage, you will undoubtedly need to put aside some of the business earnings for tax

Best plan - have a quick sit down with your accountant, set up decent record keeping (Xero, MYOB etc.) to track your incomes and expenses, and a little further down the track you'll be able to get a really clear picture of your tax obligations.

For a starting point, put aside 20% of your turnover, but please see your accountant sooner rather than later to make sure you wont have any nasty surprises.

Good luck,
Todd.

Your Answer

If you wish to include a video or audio response, you can do this by including links to Youtube, Vimeo or SoundCloud (https://www.youtube.com/watch?v=xxxxxxxxxx OR https://vimeo.com/xxxxxxxxx)

<% error.message %>