Home Forums Money matters Instant tax write off more then turnover

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  • #1000381
    Sugar89
    Member
    • Total posts: 1

    Hi All,
    New to this forum so apologies if this has been asked before.
    I’ve recently started a small side business (sole trader) and purchased 8x soft drink/confectionary vending machines. Total cost was just over $50k, the machines should turnover about $20K this year. I work full time as well so am I able to claim the instant tax write off then claim the losses the business will have against my full time job?
    Hope that makes sense… haha

    Cheers,
    Sugar

    #1224151
    Dave – FS Concierge
    Moderator
    • Total posts: 2,523

    Hi Sugar,

    Hopefully an accountant can jump in with some details, but generally business costs are claimed against your business revenues (not income from your job).

    Welcome to the forums :)
    Dave

    #1224152
    UmarBatchelor
    Member
    • Total posts: 26
    #1224153
    businesstrade
    Participant
    • Total posts: 210

    Not sure if that’s something you can legally do – write off business costs against personal income. As always, speak to your accountant.

    #1224154
    jayen
    Member
    • Total posts: 23

    Are you an employee or a contractor at your full-time job?

    #1224155
    JamesMillar
    Participant
    • Total posts: 1,675

    If your turnover does not get to $20k then no you will probably not be offsetting that loss against other employment income in that year. Sole trader non commercial losses

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