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Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
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Re: When do i report

Enthusiast

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I am looking at starting up a bookkeeping business (BAS Agent mainly). I've looked into the insurance i need and other expenses but I am a little confused as to when I report the business on my tax return. I haven't started anything up nor recieved income from any clients and before I do there are expenses that I need to incure ie insurance and memberships along with marketing. 

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ATO Certified Response

ATO Community Support

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Hiya @wiz,

 

Congratulations on your new venture! As long as your business is registered, and you are making the purchases in the process of getting your business established you can claim a deduction in the year you incurred the expense.

 

When you can claim a deduction.

1 REPLY 1

Most helpful response

ATO Certified Response

ATO Community Support

Replies 0

Hiya @wiz,

 

Congratulations on your new venture! As long as your business is registered, and you are making the purchases in the process of getting your business established you can claim a deduction in the year you incurred the expense.

 

When you can claim a deduction.