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  • #966876
    spartanv12
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    Hi,

    Before I can start business, I need to obtain a practicing licence for which I need to attend a 15 week part time course costing $2000.

    By the time I complete this it will be not far off end of 2009-2010 tax year.

    Am I better off to get the $2000 fees into next tax year, ditto about another $4000 in start up costs.

    As I will be a sole trader and also working as a full time employee for someone else, how much of the $2000 course fees would I possibly get back.

    Regards, Mark.

    #1021620
    FletcherTax
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    If your course is related to your upcoming venture – you will not be able to claim it until you have income from that particular upcoming venture.

    Hence, your expense will be deferred (carried forward) until income has been made from that source.

    #1021621
    MLEM
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    • Total posts: 3
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    FletcherTax, post: 25808 wrote:
    If your course is related to your upcoming venture – you will not be able to claim it until you have income from that particular upcoming venture.

    Hence, your expense will be deferred (carried forward) until income has been made from that source.

    Hello FletcherTax,

    I am planning to run an online business. Do I need to register a business first so that set up costs like softwares, etc… can be counted as business expense?

    Thanks for your reply.

    Maria

    #1021622
    FletcherTax
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    • Total posts: 347
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    Hi Maria

    I would love to help set you off on the right foot. If your interested, please give me a call for a free over the phone chat.

    Janna

    #1021623
    MLEM
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    • Total posts: 3
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    Thanks, Janna. What’s your phone #?

    #1021624
    Dardee
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    • Total posts: 430
    #1021625
    FletcherTax
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    Thanks Darren

    #1021626
    MLEM
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    Hello Janna,

    Just a quick note to say thanks so much for your time and very kind of you to talk to me on the phone. Thanks again.

    Maria

    #1021627
    akagrp
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    Hello Maria

    Glad to hear you call with Janna went well.

    What you need to also remember is that the ATO has tight guidelines with regards to claiming business expenses against non business income and sometimes what is better is to see if any of the business expenses can be converted to work related expenses.

    Should you have any further questions with regarding to setting up your venture in addition to your call, feel free to give me a call.

    Good luck with your course

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