Lemz29
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- Nov 11, 2015
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hey guys,
So, I am currently employed and am looking to start out on my own as a sole trader, currently for the financial year I have grossed around $90K and with my ETP, I will go well over $180K.
Is there any way to include that income under the ABN and in hand, claim some costs for setting up the business, ie vehicle, office equipment etc. in this financial year to help bring down my tax?
I am expecting to start trading around May, or June, so it will be minimal income for that year under the abn. And I am wondering if that may mean I can't claim any costs due to the business being considered a hobby.
Any other alternatives, eg setting up a company....?
I thank you for your help in advance.
Lemz29
So, I am currently employed and am looking to start out on my own as a sole trader, currently for the financial year I have grossed around $90K and with my ETP, I will go well over $180K.
Is there any way to include that income under the ABN and in hand, claim some costs for setting up the business, ie vehicle, office equipment etc. in this financial year to help bring down my tax?
I am expecting to start trading around May, or June, so it will be minimal income for that year under the abn. And I am wondering if that may mean I can't claim any costs due to the business being considered a hobby.
Any other alternatives, eg setting up a company....?
I thank you for your help in advance.
Lemz29
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