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  • November 25, 2019 at 3:17 am #999896
    Toki25
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    Hi everyone. I have a question regarding what I can claim as a deduction for my photography business. I was given money from a family member to help pay for startup costs – mostly for equipment and insurance to the value of about 20K. Am I able to claim this on my tax return if this was purchased with money loaned to me by family?

    November 25, 2019 at 6:45 am #1221795
    Dave Gillen – Former FS Concierge
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    Welcome to the forums [USER=116468]@Toki25[/USER]!

    I’m pretty sure you can claim it. An expense is an expense even when the money is borrowed. But hopefully one of our tax experts can clarify or explain it better. :)

    Dave

    Dave Gillen | LinkedIn
    November 25, 2019 at 10:23 pm #1221796
    James Millar
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    Yes. If the money was yours (whether gifted to you or lent to you) and with that money you acquired business assets then subject to the tax depreciation regulations you can claim part or potentially all of those items. If you are registered for GST and if you paid GST when acquiring those items then you may also be eligible to claim back those GST credits.

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
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