I have recently started out as a lifestyle and travel content creator. I'm receiving free products, but have not secured paid work. Am I still able to claim deductions at tax time? I've spent time and money on equipment, internet, ect producing the content with the sole intent on generating income, producing content for brands in exchange for free products. Any help would be appreciated.
Most set up costs for a business are not deductible unless they are capital items. (e.g equipment). If your business has started operating and you have incurred expenses then these can be claimed off business income. If you haven't yet received any income (or expenses are greater than received income) then you will end up with a loss. Any loss at the end of the financial year will most likely need to be deferred to next year and claimed off future business income.
This link details deductibility of certain start up expenses.
This link deals with non-commercial losses.
Most set up costs for a business are not deductible unless they are capital items. (e.g equipment). If your business has started operating and you have incurred expenses then these can be claimed off business income. If you haven't yet received any income (or expenses are greater than received income) then you will end up with a loss. Any loss at the end of the financial year will most likely need to be deferred to next year and claimed off future business income.
This link details deductibility of certain start up expenses.
This link deals with non-commercial losses.
Thanks so much for the links and taking the time to respond. I'll have a read and hopefully it will help clarify it a bit more for me
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