What startup costs can you now claim sooner?
You may be able to claim the following startup costs in the same financial year:
- expenses from lawyers and accountants for advice on your proposed business structure or proposed operation
- government fees, taxes or charges you paid to set up your business or operating structure such as stamp duty or fees for creating a company.
What are the benefits?
In the past you would have had to claim these startup costs as a deduction split over five years.
Now you can claim them as a deduction in one year (the same financial year you have the cost).
This means while you’re starting out, you’ll have more money to put back into your business to help you grow and innovate!