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The timing of GST claim, will depend on your GST method. some business are on accural basis while some are on cash. if you are on cash basis, you may claim GST when you pay for the expenses, whereas accural basis allows you to claim GST when the expenses are incurred.
In terms of your business deduction, it is an entirely different matter. A lot of the expenditures you incurred in setting up your business will be capital in nature, some maybe amortised over a number of years, while others can never be offset against your business income. The key is to first separate captial from non-capital expenses, and your non-capital expenses will be carried into the next year and offset against your future incomes.
If you are not from an accounting background and runs a business, i suggest you consult with your accountant before attempt doing tax return yourself. |
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