If I started a business last financial year which incurred some expenses but I did not have a business income yet under my ABN, am I able to claim that from my salary which I earn from my current job? Or expenses can only be deducted from income earned under an ABN? Thanks.
Welcome to the forums [USER=72437]@Smallybigs[/USER] !
Business expenses are deducted from business income only, not your salary. If you didn’t have a business income to deduct from last financial year, usually the you’d have the opportunity to deduct them this financial year once your business income does kick in.
One of our accountants will be able to step in and give you more info.