Setting up a business Costs
Did you know that the costs of establishing a business entity or feasibility studies are tax deductible over 5 years. If the business entity is a trust or company these expenses can be deducted in the tax return of the person who set up the business if they actually incurred the cost and will receive income from the business in the future. Warning do not let the company or trust reimburse you. This will lead to you both losing the deductibility.
Please seek advice on your particular circumstances before acting on this information.
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Disclaimer: Please note in many cases the legislation referred to above has only just passed through parliament. The full effect is not clear yet but it is already necessary to make you aware of the ramifications despite the limited commentary available. On the other side of the coin by the time you read this information it may be out of date. The information is presented in summary form and intended only to draw your attention to issues you should further discuss with your accountant. Please do not act on this information without further consultation. We disclaim any responsibility for actions taken on the above without further advice as to your particular circumstances.