As a full-time employee, I am also starting a side hustle business as a sole trader, with start up expenses greater than income from the business can the expenses be used to reduce my tax from my full-time job?
Hey @ives,
It depends.
If you're a sole trader and your business makes a loss you may be able to offset the loss against other income such as salary and wages as long as you meet the non-commercial loss rules.
If you don't meet the non-commercial loss rules, then you may be able to defer the loss and claim it in a later year.
For some extra tax tips for managing your side hustle check out our article.
Hey @ives,
It depends.
If you're a sole trader and your business makes a loss you may be able to offset the loss against other income such as salary and wages as long as you meet the non-commercial loss rules.
If you don't meet the non-commercial loss rules, then you may be able to defer the loss and claim it in a later year.
For some extra tax tips for managing your side hustle check out our article.
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