Home – New Forums Money matters Do I need to tax return if I haven’t started trading yet?

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  • #988810
    Bubbles23
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    Hi all,

    I’m in the process of establishing a business. I’ve spend about $5000 so far but I haven’t started trading yet; so no income.

    Do I still need to lodge a tax return even though I haven’t earned any money yet? Can I claim my expenses thus far?

    Thanks so much.

    #1169022
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    Hi – have you earned income from other sources at all? Or earned interest on bank accounts or investments?

    You can’t claim against new business expenses until you have turned over (gross) $20K.

    Start at this ATO page and answer the questions on each page and it should help you. You may need to put in a return saying income nil. If you are still confused then give the ATO a call.
    http://calculators.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=Lodge14.XR4&go=ok&anchor=DoINeedToLodge#DoINeedToLodge

    Cheers.

    #1169023
    Bubbles23
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    Hi Karen.

    I have earned an income elsewhere as I am employed.

    This business I am starting is in a partnership. We have both contributed the same initial fundings into our business account and all our start up costs have come from the business account.

    Thanks so much for the link.

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