My business (sole trader/side hustle) isn't operating yet, however I have started purchasing equipment with the view to open the business in the new FY. I am interested to know whether I can claim these deductions against my current personal income tax for this FY? My current primary income is not (and never will be) related to my personal business.
You can only claim business expenses off business income. Only when your business has started operating can you claim the depreciated value of the equipment you have purchased.
You can only claim business expenses off business income. Only when your business has started operating can you claim the depreciated value of the equipment you have purchased.
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