Instant tax write off more then turnover

[Sugar89]

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

[Dave – FS Concierge]

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

[UmarBatchelor]

Its best to get a good accountant.

If you still would like to figure it out yourself, check out

https://www.ato.gov.au/Business/Non-commercial-losses/

https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/Simpler-depreciation-for-small-business/

[businesstrade]

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

[jayen]

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

[JamesMillar]

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

[Author]

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