Requirements for home based Businesses

The recent ABC News article-‘AAMI denies home insurance claim after couple fails to disclose they sell eggs at their gate,’ discusses a couple whose home insurance policy was declared void by the insurance company, because they were deemed to be running a business from their home which was not declared on their insurance application. 

If you are operating your business from home, take the time to ensure that you are fully across your obligations and the financial/tax implications.  These could include things such as:

• Insurance requirements (incl public liability)
• Local government approval – use, signage etc
• Tax implications – land tax, capital gains tax etc.

Some initial information is available on the Small Business website but you should also consult your accountant or financial adviser for information relating to your personal circumstances.

Should you wish to make an appointment with one of our Solicitors please contact us on 8525 2700 or click here to send a request an appointment with one of our team.

Information shared from the Australian Institute of Conveyancers NSW
News article and image by ABC News