Making losses and tax

[Babycat]

Heading for a major loss this year as operating spending and 1 child then having to buy advertising etc :sigh: Also just off maternity in Sep so not paying tax yet on earnings and only started minding in Oct.

So can you continue the minus on to next year? Will I ever see ant of this back? All my start up costs etc.

How does this work?

[Chatterbox Childcare]

Just lodge your return and show the loss. When you show a profit next year you can put the loss carried forward against it

[Tippy Toes]

I think your loss will count towards your next tax bill.

[Babycat]

Dont know if Im wrong but my 1st working day was Oct 31st and I thought Id miss tax return for this year? Gosh hope Im not wrong! not got a clue, can you tell? lol

[Chatterbox Childcare]

You can trade from 31st Oct each year but I think it is messy and most of the country does April to March. Personally I would run my tax year from 31st Oct 11 to 31st March 12 and then start afresh the year from 1st April to 31st March