Money Doesn’t Come Without Guidance ...
The richest people in the world once started as a small business owner. From 1 July 2015, small businesses and entities can immediately deduct the capital start-up costs from the different expenses (for example, professional services) as a tax deduction in the year of start-up. Expenses can be fully deductible in the income year if the small business claims immediately and meets the following requirements:
Advice or services:
Payments to Australian government agencies:
However, the start-up cost cannot be deductible if it is a capital cost or other costs incurred from an existing business, direct cost of capital such as interest, loan repayment or dividend, expenses used for proposed business operation such as travel cost.