As some people may be aware i have just purchased a ip in the Nowra cbd on the south coast and i am currently still paying my PPOR of with $145,000 equity.Now the wife has suggested a change of job might be in order for her having been a pharmacy assistant for ten years. We were considering extending the IP from a two bedder into a four anyway and are now considering moving in to it and converting the two extra rooms (which will be detached from main residence) Into a small buisness including skin, nail,facial etc and a solarium or two.Do you have any ideas for us as two any traps to watch out for and any tax implications good or bad.It may not be a huge money spinner but the wife wants a change and with a central location and high demand for solariums in the area it may be worth it. If we could clear around $600 after expenses we would like to do it. It also provides a possible income for my wife even if she has a baby and must stay home. Any ideas people or do you know who we should talk to in regards to setting up a small buisness like that.
PS We understand the building exspence would make it unviable for a $600 PW return but i am willing to sell one of my boy toys worth $80,000 to finance the building and set up costs to help her have a change.
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