Lemz29
PARKED
- Joined
- Nov 11, 2015
- Messages
- 1
Rep Bank
$40
$40
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
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
