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Re: Sole trader expenses

Newbie

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Hi All,

A sole trader is doing a finance and working just on ABN. He had to renew a Secuirty licence which he had not driven any income. and He got a new Licence in property which are both unrelated to his current finance . Can he claim these two expenses as tried to get a weekend jobs for both and was unsuccessful and as his taxable income is positive? Thanks 

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ATO Community Support

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Hi NicholasKyle,

 

Expenses can only be claimed if they directly relate to the businesses assessable income. I would say, as the business never received any income related to either of these expenses. They would not be allowable deductions.

 

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Most helpful response

ATO Community Support

Replies 0

Hi NicholasKyle,

 

Expenses can only be claimed if they directly relate to the businesses assessable income. I would say, as the business never received any income related to either of these expenses. They would not be allowable deductions.