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Precise Tax Solutions
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naushikaa, post: 261857, member: 112201 wrote:
Thanks. I just looked up blackhole expenses and it seems to me that they only relate to capital expenditure.
I’m talking about camera and computer equipment.
In any case, my total income for 2017-18 was very low (low or no tax) and thus I’d like to claim these expenses against 2018-19 income (even though purchases made in 2017-18). Is that possible?

Not possible unfortunately.

However, if you made a loss on a particular sole trader business, you may be able to carry forward that loss and utilise it against future profit of that particular business only.

Best talk to an accountant for specific advice on your situation.

Cheers