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Hi i am starting a t shirt business and just about to register for an abn and register the business name.
With the business name what are the fees per year
this will be a 50/50 partnership set up so understand that come tax time any profits are split 50/50 and declared on top of your personal income.
Question is if no income is made this financial year but money spent on materials etc can deductions be made from tax paid on your personal income?
Does anything need to be paid if no profits made