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ClaireB13(Newbie)Newbie
27 May 2024

As the title really


If I was to purchase a small business this financial year could I claim it as a deduction for the business in the next financial year as although I’m purchasing the physical products for the business (approx $25,000) I wouldn’t make any money this month before the next financial year to write off against the money I’ve put in to start the business?


Thank you

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487 views
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Biggiesmalls(Devotee)Devotee
27 May 2024

No. Depending on what entity structure you decide to go with you may be able to carry the loss forward into the next FY to offset future tax liabilities

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Most helpful reply

Biggiesmalls(Devotee)Devotee
27 May 2024

No. Depending on what entity structure you decide to go with you may be able to carry the loss forward into the next FY to offset future tax liabilities

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Can I purchase a business this financial year and claim it back next? | ATO Community