Reality - between 50% and 75% of new businesses won't make it past the first 3 years!!
So why is that?
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For years I was guilty of not taking proper holidays. I'd always figured that with the business closing for about 2 weeks over Christmas and New Year, then 6 other public holidays during the year, that was enough.
But is it really? And what about not really getting away but being in constant contact with "the office"?
I'm an avid Crossfitter, the intensive functional fitness regime (www.crossfitshoalhaven.com).
Some would say obsessive.
But a big part of what CrossFit is about is Community, and on the weekend while competing at Survival of the Fittest 3 in Nowra I really saw that at work.
It's pretty much a standard understanding that you don't get taxed on the sale of your family home; the "main residence exemption" takes care of that.
Recent cases and ATO activity might call that into question though.
So how sure are you that you'll withstand a review by the ATO?
I really hope you're not leaving meeting your budgets and targets to the whims of chance.
The only way to make sure you're actually achieving what you set out to - be it in $ terms, new customers, visiting clients - is to chunk it down and monitor it.
But what does that actually mean?
Negative gearing in the rental property market is very popular with such a broad range of Australians.
From those starting out in the property market to mum's and dad's, it seems so many people think generating a tax loss from having a property is a great idea.
But is it really??