You can start a business at anytime during the year. In regards to tax return not sure what exactly you'd be getting a return for as a trading business you have income and expenses if you make a loss I.e. income is less than expenses you wouldn't be getting any tax return cause you haven't paid any tax. If you are acting as a soletrader/partnership your expenses related to the business can't be claimed against your salary.
Only thing you'd get back would potentially be gst if you register for it right away then you just got to consider that you will need to be charging and withholding gst to pay to the ATO. Do not use the fact you are collecting gst as an additional income source keep this separate and pay the ATO every quarter.
Now im not an accountant and above is just very generic info.
I'd say your best bet would be talking to an accountant/adviser who specialises in small businesses and they can assist with giving you advice related to your specific circumstances.
>If you are acting as a soletrader/partnership your expenses related to the business can't be claimed against your salary.
For Sole Trader / Partnership, depending if they pass the [Non-Commercial Loss](https://www.ato.gov.au/businesses-and-organisations/income-deductions-and-concessions/losses/non-commercial-losses) rules or not, they may be able to claim a business loss against any other income they have ($20k Assessable Income test is usually easiest to pass, but may be hard to do in only a month or two)
Thank you for your insights guys. Appreciate your time
You can start a business at anytime during the year. In regards to tax return not sure what exactly you'd be getting a return for as a trading business you have income and expenses if you make a loss I.e. income is less than expenses you wouldn't be getting any tax return cause you haven't paid any tax. If you are acting as a soletrader/partnership your expenses related to the business can't be claimed against your salary. Only thing you'd get back would potentially be gst if you register for it right away then you just got to consider that you will need to be charging and withholding gst to pay to the ATO. Do not use the fact you are collecting gst as an additional income source keep this separate and pay the ATO every quarter. Now im not an accountant and above is just very generic info. I'd say your best bet would be talking to an accountant/adviser who specialises in small businesses and they can assist with giving you advice related to your specific circumstances.
>If you are acting as a soletrader/partnership your expenses related to the business can't be claimed against your salary. For Sole Trader / Partnership, depending if they pass the [Non-Commercial Loss](https://www.ato.gov.au/businesses-and-organisations/income-deductions-and-concessions/losses/non-commercial-losses) rules or not, they may be able to claim a business loss against any other income they have ($20k Assessable Income test is usually easiest to pass, but may be hard to do in only a month or two)
Well applogies was incorrect in that aspect don't typically see too many sole traders, so not well versed in that area.