Can I claim tax back on my personal income from full-time job for sole trader business expenses?

 Author: TheEngineer1994(Newbie)Newbie

11 Oct 2024

Hi there,

I am currently employed as a full-time as a professional engineer. I am also planning on starting my own side hustle as a sole trader offering engineering design work services to prospective clients during after work hours and also on weekends. My question is can i claim sole-trader business expenses to deduct from my total taxable income for the year even if my business made no money that financial year.

For example, if I use my own personal money generated from my full-time work to purchase expensive tooling and equipment so I can provide these services and get the business running, can i claim those deductions for a tax refund from my full-time work assuming my business had no income for the financial year?

Cheers.

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