- April 5, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Starting a Social Media Based Business
I have decided to take the leap and start my own business, focusing on social media. While I don’t anticipate making any revenue until the next financial year, my goal is to be fully dedicated to this venture by the end of the following year.
# Initial Costs and Tax Implications
I have estimated that I will need around $2,000 for start-up costs, including software licenses and necessary equipment. I am wondering if I can claim these expenses on my taxes for this current financial year, considering that the Australian Taxation Office (ATO) may not yet recognize me as a legitimate business.
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In this situation, the AI Legalese Decoder can be a valuable tool to provide clarity on the tax implications of your start-up costs. By using this advanced technology, you can quickly and accurately determine whether you are eligible to claim these expenses on your taxes and make informed decisions moving forward. If you are unsure about any tax-related issues, consulting with an accountant may also be beneficial for personalized guidance.
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You can still claim the costs as a loss, but whether the loss will be deducted this year, or deducted in future years, is the next question.
To claim a loss as a sole trader, you have to pass the non-commercial loss tests.
Have a read of them, but generally a first year business with no revenue will have.to defer the loss.
You need sales of at least $20,000 to claim a loss against other income. There are other tests but they won’t apply. Loss will be carried forward until if and when you ever make $2000
I’m an accountant and I wouldn’t recommend you see one
Ordinarily I would suggest speaking to an accountant BEFORE starting *ANY* business.
Get a book keeper at the very least. You can claim them but won’t get a refund, so they are deferred to future years:
https://www.ato.gov.au/businesses-and-organisations/income-deductions-and-concessions/losses/non-commercial-losses/how-to-defer-your-losses#