Hi,
I have a full time job and paying ~30% tax, and also running a ABN with two different businesses as sole trader. However, the business is just started and not making profit (not pay for tax yet).
I am wondering the equipment/ consumable I purchased for my business, can I get tax reduction from my full time job in the EOFY?
thank you.
Kidn regards
Taylor
You can only claim business expenses off business income. If you make a loss on your business (i.e. expenses more than income) then to claim that loss off other taxable income you have to pass the income test and one of the 4 non-commercial loss rules.
You can only claim business expenses off business income. If you make a loss on your business (i.e. expenses more than income) then to claim that loss off other taxable income you have to pass the income test and one of the 4 non-commercial loss rules.
Thank you for your reply.
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