question
Q: I work full time with an annual income of $65k, I also run an eBay business that has a turnover of $50k this year, my net margin is around 5%, which is $2500. If I purchase some eligible assets under $20k and write off the full amount this year, then am I able to offset the loss of $17k against my income from day time job? Does that mean I am only liable for tax on $48k ($65k minus $17k)?
