I am starting a business in late 2024 but have some expenses that need to be paid in May 2024 (e.g., registrations, assets). Would I be able to make a claim on these expenses for the 2024-25 financial year?
I already have an abn and everything, but I won’t be able to claim anything for the 2023-24 FY as there will be no income on the business until December.
Expenses incurred too early are not claimable.
Depends on when the business really started.
If started in May 2024, then expenses are claimed on 2024 tax return - then carried forward as a non-commercial loss.
Best to get proper advice, relevant to your circumstances, from your accountant.
Expenses incurred too early are not claimable.
Depends on when the business really started.
If started in May 2024, then expenses are claimed on 2024 tax return - then carried forward as a non-commercial loss.
Best to get proper advice, relevant to your circumstances, from your accountant.
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