I am looking at starting up a bookkeeping business (BAS Agent mainly). I've looked into the insurance i need and other expenses but I am a little confused as to when I report the business on my tax return. I haven't started anything up nor recieved income from any clients and before I do there are expenses that I need to incure ie insurance and memberships along with marketing.
Hiya @wiz,
Congratulations on your new venture! As long as your business is registered, and you are making the purchases in the process of getting your business established you can claim a deduction in the year you incurred the expense.
When you can claim a deduction.
Hiya @wiz,
Congratulations on your new venture! As long as your business is registered, and you are making the purchases in the process of getting your business established you can claim a deduction in the year you incurred the expense.
When you can claim a deduction.
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