I retired just before the start of the current financial year. I have an ABN and wish to start a business and need approximately $6K of assets (Compute, Camera etc). Can I claim this without any income in this financial year? Will it be carried forward to 25/26 financial year? I am concerned about missing out on instant tax write off in case it will not be available for 25/25 financial year
Yes, you can still claim deductions for business assets purchased under your ABN, even if your business does not earn income in the current financial year (2024–25). If your total deductions exceed your income, this results in a tax loss for the year, which you can carry forward to offset against future income.
Yes, you can still claim deductions for business assets purchased under your ABN, even if your business does not earn income in the current financial year (2024–25). If your total deductions exceed your income, this results in a tax loss for the year, which you can carry forward to offset against future income.
Thanks for your help with this @David-Nguyen!
Hi @Nedwoc,
Just adding a bit more to help with your concern about timing.
The current instant asset write-off rules apply to the 2024–25 financial year. At this stage, there is no confirmed extension into the 2025–26 financial year, so if you’re concerned about missing out, it’s worth keeping that in mind when planning your purchases.
22 Apr 2024 · 6 min read time
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