Hi All,
Just after some clarity how deductions would work if item is purchased via TFN and used in a start up ABN that is operating without a profit.
In short, I am looking to start my own business and thus will be getting an ABN. The new business is not in the same field as I am currently employed via a TFN. For the foreseeable future I will be the only employee of the ABN. I will not be quitting my TFN and thus will have income via it.
For starting the business I would like to fun it my self via the income from my TFN and hence the question.
The expenses I incur in starting and operating the ABN business, can these be claimed as deductions against my total income(in this instance, the single income source TFN) even if the business does not sell or make any money? I estimate that the business potentially will not bring in any income for the next 12 month, and thus will be funded solely from my TFN.
So the expenses of the ABN (pens, PO BOX, laptop, etc) can these all be claimed against the TFN income, or do I need to wait until the ABN generates income and then I can claim those expenses against the ABN's income.
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