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Small businesses can immediately deduct certain capital expenses associated with starting up a business.
Expenses relating to setting up a business are fully deductible in the year they are incurred if they were incurred:
- in obtaining advice or services relating to the proposed structure or operation of the business (for example, advice from a lawyer or accountant)
- for payment to an Australian government agency of a fee, tax or charge relating to setting up the business.
Last modified: 14 Nov 2023
Claiming small business tax deductions
Steps | Progress | |||||
---|---|---|---|---|---|---|
What are deductions and what can I claim? |
5 mins | |||||
Accounting for private use of assets |
9 mins | |||||
Expenses you can never deduct |
1 mins | |||||
Expenses you can deduct over time |
10 mins | |||||
Stock and asset records |
5 mins | |||||
Expenses you can deduct immediately |
5 mins | |||||
Other deductions records |
1 mins | |||||
Motor vehicle deductions |
4 mins | |||||
Motor vehicle deductions records |
2 mins | |||||
Related courses |
1 mins | |||||
Course Feedback |
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