Starting up a new business is a very exciting time but comes with many challenges. Often the first of these challenges is choosing the right business structure. Company, Partnership, Sole Trader or a Trust? This can be a complex decision and can require professional advice.
In an effort to provide new small business with an incentive to seek professional advice when starting up, the Australian Government announced during the 2015-16 budget that certain costs associated with start-up will now be able to be claimed as an immediate deduction, from 1st July 2015. Previously these costs were treated as capital expenditure and claimed proportionally over a 5 year period.
Eligible Start- up costs to be immediately deducted:
– Government fees and charges
– A payment to a professional for advice on business structure or proposed business operation.
For further information relating to eligible start-up costs that can be immediately deducted please see link below.
Contributed by: Paul Barresi