Capital Start-Up Costs Immediate Deduction

From July 1st 2015, small businesses and entities that intend to carry on business may immediately claim certain start up costs.

These costs include:

• advice from a professional in regards to structure and operation of the proposed business
• fees relating to the set up of the business and operating structure (for example, ASIC fee for registering a company)

These expenses can now be fully deducted in the year in which the expenditure was incurred. Before July 1st, these expenses had to be deducted over a five year period.