Hi There, I am sole trader and content developer. I work on the content where I do DIY car repairs, restorations and tutorials. Up until now, I haven't released any videos but I have been working at the background, educating myself, and upskilling my skills in content making and videography. 2 years ago I started buying equipment and parts for car repairs with the primary goal to generate content and profit from it in the future. My question is, even though I created ABN last year and haven't released any videos yet ( was getting them ready and planning to start consistently releasing them by the end of this year) can I claim all the expenses that I incurred in the previous financial year against the business? I realise that I might not start receiving revenue from the business in the next 1-2 years due to the nature of the content creation business, but I would like to make sure that I can claim losses and move them to the next financial year.
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2 replies
Hi @Mars2023
As straight forward as your question sounds, it could be quite complex.
You can claim business related expenses in the year they have been incurred.
The ABN itself does not always establish when a business has commenced start up or set up stage because it’s not a legal requirement to have an ABN in order to operate or set up a business. We do however recommend it as it makes dealing with other businesses easier.
It sounds like some of the expenses you've said are depreciating assets. You may be able to start claiming depreciation on items when you've started using them for your business. Any personal use can't be claimed and must be excluded.
You can look at what costs you can claim when starting your business and we have an article tax tips for content creators you can check out.
All replies
Hi @Mars2023
As straight forward as your question sounds, it could be quite complex.
You can claim business related expenses in the year they have been incurred.
The ABN itself does not always establish when a business has commenced start up or set up stage because it’s not a legal requirement to have an ABN in order to operate or set up a business. We do however recommend it as it makes dealing with other businesses easier.
It sounds like some of the expenses you've said are depreciating assets. You may be able to start claiming depreciation on items when you've started using them for your business. Any personal use can't be claimed and must be excluded.
You can look at what costs you can claim when starting your business and we have an article tax tips for content creators you can check out.
I would do all of the depreciation and other costs of the business and included them in a business schedule. I would then because of the non-commercial loss rules reverse out the loss so it is NOT claim in your current year tax return. The non-commercial loss would then be carried forward each year until such time you either made a profit or turned over greater than $20,000. When you achieve either of these goals you could then claim these losses. I am several content creators that do this...the business is not advance yet enough to earn income that would have them achieve either of these 2 non commercial loss tests (there are other tests as well) but by recording these costs if money is ever made you can at least claim these losses/costs then.
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