A $50k loan to buy a cafe, in business with friends, when to pay yourself more & tax on offshoring explained [Q&A]

In this episode of The Australian Business Podcast, I — Owen Rask — sat down with Jordan Kidis and Danil Goloubev of Grey Space Advisory, my co-hosts, to answer your questions.

These are, by far, our favourite episodes on The Australian Business Podcast because we get to help you start, manage and grow more profitable businesses.

Here are the list of business questions we answered this week

Jeffy the Builder asks:

Hi Owen, I’ve started a company (Company Trust Structure) with a business partner where we have a 50/50 share in the business. We are in Construction and have had a solid start and now have 3 months of profitable work lined up in which the project risk is low. We are projecting that in a months time we can be in a position to put ourselves on a modest weekly salary so we can have some ‘Guarenteed’ weekly & regular income for our families moving forward. What would you recommend with this approach? Should we put ourselves on an employee contract & formalise this? I recall rask had a downloadable format for this type of onboarding however I cannot seem to find it.

TechieTax is interested in ATO tax incentives! 

Would be interested in your take on this new tax incentive for Tech spending. It was a Lib govt initiative announced in budget 22 but only JUST passed into legislation this month. Its a real shame cos it does not allow companies to plan to take advantage. But you can still claim tech expenses from YE23. I think this new incentive will be missed by many of your listeners.

Marty Mcfly wants to buy a “profitable” cafe with a business loan. 

I want to buy an existing profitable cafe, I need 50k. What is my chances of obtaining a business loan and what’s the best pathway to do this? I have really good credit but not a lot of savings.

Bryski is asking about tax on offshore works (our recent how to offshore from Australia episode was super-popular)

RE: Offshoring, what are the tax implications of paying foreign employees?

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