2015 / 16 Budget
Currently, some professional
costs associated with commencing a new business (i.e., black hole expenditure)
are deducted over a five-year period under S.40-880 of the ITAA 1997.
From 1 July 2015, the government will allow businesses to claim an immediate write-off for a range of professional expenses associated with starting a new business, such as professional, legal and accounting advice.
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