What Expenses Can A Sole Trader Claim

[@EthanRooshock]

What other small business tax topics do you want to see me cover?

[@tjohnstone9335]

Family trust with a small company

[@williamfielding9345]

Awesome videos man super helpful, makes it so much easier to understand , just subscribed ! Keep them coming 🙌

[@EthanRooshock]

Thanks!

[@marilousardido3363]

Your video is very helpful, do you have video on how much percent a sole trader pay for the tax.

[@EthanRooshock]

Thanks! No I don't currently.

[@philiprachtman1217]

I thought all sole traders did their business as a cash basis and company structure as accrual method

[@EthanRooshock]

Probably that would be how most do it but not all would.

[@JamesBlackman]

Can you purchase’s things off marketplace? For the business as a write off ?

[@EthanRooshock]

Yes but you still need some form of record.

[@STiXEN69]

Thanks for the info mate,
so just to clarify when buying inventory for a store, you cant claim the full amount of the inventory, only if it has sold?

[@EthanRooshock]

Yeah it goes on a Cost of Goods Sold method. I have a full video on this topic on my channel.

[@weekendwarriorchick]

Can you do a topic on side hustles just starting out buying equipment but not yet able to make a income yet? Can capital expenses be claimed later when you make an income?

[@EthanRooshock]

Have a look at my video on Non Commercial Loss rules.

[@karenestefania6713]

what about for selling stuff online like print on demand. Can you claim subscription to app that are used for the business?

[@EthanRooshock]

Are you using the app within the business? if yes, then it is claimable. Do you use the expense personally? Then you need to adjust for a private use portion.

[@matt.constable]

I've been watching your videos and they've been really helpful! But I have a question and not sure if it'd make for a good video.
I bought tools for personal use a year ago but now I want to start my own business and have these tools as assets in the business (I have all receipts). Can I claim the full value or a deprecated value? Or can I no longer claim these as an expense?

[@EthanRooshock]

If you purchased something prior to the business existing, you can't claim it in most circumstances.

[@matt.constable]

Bummer!
Keep up the good work though 👍

[@deki-erena6291]

Please answer this question. A sola trader like a contractor can include in expense persone development Training cost for his business?

[@EthanRooshock]

Do you meet all the things I discussed in this video?

[@GalvinPaine-rf8fr]

thanks! so smart

[@EthanRooshock]

No worries!

[@maxionventraug9015]

Thank you mate

[@EthanRooshock]

No worries!

[@tsuthakaran87]

hi bro please explain cleaning businesses which best company or sole trader

[@EthanRooshock]

Have you asked your tax agent/accountant?

[@gabrielg1928]

Thnx 🙏

[@EthanRooshock]

All good!