Starting a new business can be exciting but there are expenses associated with setting it up. The good news is that you are now entitled to claim certain deductions this year instead of having to spread the deductions over five years.
This applies to the following costs you may have had when setting up your business:
- Professional, legal and accounting advice
- Australian government fees and charges.
This is part of a series on small business tax concessions – look out for more articles in the newsroom
For More information click here https://www.ato.gov.au/Newsroom/smallbusiness/General/Did-you-start-a-new-business-this-year-/