Home Forums Money matters Claiming expenses but no income yet

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  • #993122
    Smallybigs
    Member
    • Total posts: 6

    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.

    #1189822
    Dave Gillen – FS Concierge
    Moderator
    • Total posts: 2,542

    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.

    Good luck!

    Dave

    Dave Gillen - Client Acquisition | Brisbane | (07) 3180 0288
    #1189823
    Smallybigs
    Member
    • Total posts: 6

    Thanks Dave. Well explained.

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