- PosEnterprisesMember@posenterprisesJoin Date: 2006Post Count: 290
Hi can anyone give me some quick advice on business expenses. My wife was going to start a business and spent a bit of money on training and education for the business. During the financial year she did not proceed with the business due to some unforseen circumstances.
Does she need to lodge a tax return and can she claim expenses without earning any income during the 2007/2008 financial year?
thanksIP FreelyMember@ip-freelyJoin Date: 2008Post Count: 353
No the cost involved in learning about the business are not deductible unless you are already involved in the business hence a legitimate business expense. No income was generated/derivederikkoMember@erikkoJoin Date: 2008Post Count: 12
im also planning to put up a business and i want to ask if asking a help from financial advisor can help me cut off my expenses?Scott No MatesParticipant@scott-no-matesJoin Date: 2005Post Count: 3,856
If the FP is part of the cost of setting up the business, then it might be capitalised. Advice recieved for a going concern might be classed as an expense.TerrywParticipant@terrywJoin Date: 2001Post Count: 16,213
i beleive you cannot claim education expenses for future work. The expense has to be related to improving your skills in your current job. But if the business was set up as a trust or company it may be possible for that entity to claim.