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Also one thing to note. your business does get treated separate to your income to work out its profit/loss. and only the profit gets added to your income.

This then prevents you from claiming more expenses than that was earned from the business. In most cases a loss on the business side will not reduce your taxable income from your employment.

eg if your business earns $12K, and its expenses were $4K then you add $8K to your income to make $63K. You do not add the businesses expenses under the deductions on your tax return. There is a supplement section to capture the businesses income/expenses.. You should have a tax agent/accountant run you though this at tax time.