Commenced business Tax re

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JasonT · Accepted Answer

If the total of your expenses/ deductions exceed your income for the year, you've made a tax loss Losses can be carried forward and deducted in future years against income. If you operate as a sole trader you may be able to offset a loss against other income, such as salary and wages. Here's how you go about claiming a loss, or carrying it forward/ deferring. The info covers all business structures. A monthly website cost would be an allowable expense. Please see Business tax deductions for full information on what you can claim

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