Home – New Forums Money matters Help with my tax structure please. Reply To: Help with my tax structure please.

  • Total posts: 17

to address your questions in your order:
1. The loss cannot be offset against your other income until the new business has a turnover of at leave $20k in a financial year. They must be carried forward until that time. This is covered under the non commercial loss provisions.
2. Those costs will be considered business expenses and will be deductible against the income of the business as per point 1 above. Be very careful of record keeping for overseas trips. You will need a diary to evidence your work along with documentation for all your expenses.
3. The credit card will help for the small items (under $75) but for the rest of it you will need receipts. As a rule you should always keep receipts even for the small items. However when travelling overseas this often becomes a problem with costs such as food and cab fares.

Good luck with the new business venture.