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Keep in mind that some legal costs may not be deductible - depending on what they are.

Yes, makes sense. But $15k for a company set up is a bit high! I charge $1100 with legal advice and ASIC fees included.

Yes you can use a LOC, but you have to consider who can claim the costs. s 8-1 allows deductions if the expense is incurred in the production of assessable income.