• About Us
  • Privacy & Policy
  • Terms and Conditions
  • Contact
Away Some Article & Blog
  • Home
  • Mobile App Development
  • WordPress
  • Yoga
  • General
  • Lifestyle
  • Health
  • SEO
  • Write For Us
  • Contact us
  • More
    • Business
    • Web and Mobile Development
    • Digital Marketing
    • Career
    • Earn Money Online
    • Education
    • Finance
    • Hair Care Tips
    • Internet
    • Jobs
No Result
View All Result
  • Home
  • Mobile App Development
  • WordPress
  • Yoga
  • General
  • Lifestyle
  • Health
  • SEO
  • Write For Us
  • Contact us
  • More
    • Business
    • Web and Mobile Development
    • Digital Marketing
    • Career
    • Earn Money Online
    • Education
    • Finance
    • Hair Care Tips
    • Internet
    • Jobs
No Result
View All Result
Away Some Article & Blog
No Result
View All Result
Home General

Things You Should Know About Sole Trader Tax Return

Away Some Article by Away Some Article
June 25, 2020
in General
0
Things You Should Know About Sole Trader Tax Return

Things You Should Know About Sole Trader Tax Return

Share on FacebookShare on Twitter

Company tax returns are filed by big businesses which have multiple owners and sophisticated financial arrangements. If you are the sole owner of a small proprietary business, then you will have to file a sole trader tax return. This type of tax return is filed by the “sole” owner of a small business which does not meet the Australian Taxation Office’s (ATO) for a company tax return. Sole traders have to keep in mind two distinct types of taxes when they are filing the tax returns for their business. You will have to think about the Goods and Services Tax (GST) and the Income Tax at the same time while filing your taxes and applying for tax deductions and refunds.

ADVERTISEMENT

How Sole Traders Are Connected With the GST

In Australia, the GST is an ad valorem 10% tax that is placed on almost all goods and services that can be purchased in Australia. If your business earns more than 75000 AUD annually or if you drive a single taxi, then you shall have to register for GST as well. While calculating the part of your income that is taxable, you can leave out the GST that is charged on your earnings. Instead, the GST will be part of your Business Activity Statement or BAS.

What Should You Need To Report To The ATO?

Even if your business’ income is below the tax-free income threshold, you will have to submit the individual tax return form and the business item schedule form to the ATO. Here are some of the documents and paperwork that you need to get sorted out before you file your sole trader income tax return with the ATO.

  1. Business Income: Business income covers the total earnings of your business over the course of a particular time period. Generally, the ATO will want the total income of your business over the course of the financial year. However, it is good to segment the paperwork according to the quarter of the year. Not only does it simplify things for you but it also ensures that you don’t miss out any important documents.
  2. Additional Income: Additional income that you need to report will account for all the extra payment that you receive in the form of salaries, wages, bond payments, rent, dividends, etc. For example, dividends will be paid to you by any companies whose stock you hold and bond payments will be made by the entity you choose to purchase the bond from. These should also be segmented according to the quarter for convenience.
  3. Any and all tax deductions you can make: You can also file paperwork for any tax deductions that will entitle you to a significant amount of money in the form of refunds. For example, you can be entitled to refunds on your phone bills, internet bills, etc. as you have to use the phone and the internet fairly regularly during the course of your business. You can also file for tax deductions for any motor vehicle costs as well.

Ways to Complete the Sole Trader Tax Return

After you have prepared all the paperwork and the necessary documents, you have to file the return with Australian Taxation Office. There are a number of ways in which this can be done. Here are the various ways in which you can go ahead and file your sole trader tax return.

  1. Through a Tax Agent: A registered tax return accountant or agent can be very helpful to have while filing taxes. They will prepare the documents for you and will also lodge the tax return with the ATO on your behalf, acting as your representative. The biggest advantage of soliciting their services is the fact that they are well acquainted with the bureaucratic red tape involved in the filing and deductions process. Not only will they prepare all your documents and lodge the return with sufficient time to spare, but they will also ensure that you can get all the deductions and refunds that you are eligible for. You might have to pay them a fee but the fee is well-worth it when you consider the money you save in tax refunds.
  2. Pay As You Go (PAYG) Instalments: It is very important to remember that sole traders are responsible for filing their own tax returns, which is not true for normal employees who work for a regular salary. The ATO allows sole traders to make their tax payments in the form of PAYG instalments over the year by making fairly accurate estimations of their future taxable income. The PAYG bill can be calculated using a PAYG calculator.

Best tax agents can help you

For the best results, you should solicit the services of the best tax agent Perth has to offer. They can massively simplify the job for you and make sure that you save a large amount of money by applying for deductions, reimbursements, exemptions, etc.

Tags: sole trader taxsole trader tax returntax accountant Perthtax agent Perthtax consultant perthtax return in Perthtax return Perth
Previous Post

Special Good Luck Flower Bouquet to Wish Bright Future

Next Post

What Type of Carpet Are More Expensive? - Is it Right to Buy a Luxury Carpet?

Away Some Article

Away Some Article

Away Some Article is an experienced writer who has written a plethora of articles, based on technology. Her extensive knowledge about Technology is evident from the articles, as written in this blog. you need submit a guest post?, then contact us

Next Post
What Type of Carpet Are More Expensive? - Is it Right to Buy a Luxury Carpet?

What Type of Carpet Are More Expensive? - Is it Right to Buy a Luxury Carpet?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Subscribe To Our Newsletter

  • Trending
  • Comments
  • Latest

Coin master free spin and coin links

February 26, 2021
Latest And Most Exciting Trends In Mobile App Design In 2020

Latest And Most Exciting Trends In Mobile App Design In 2020

August 8, 2020
austin-distel-VwsuhJ9uee4-unsplash

6 Things You Must Know Before Starting an Online Business

August 23, 2020
How to Estimate the Time, Cost, and Deliverables of an ML App Project

How to Estimate the Time, Cost, and Deliverables of an ML App Project

August 1, 2020
Getting Amazing Results on your Carpet Without a Steam Cleaner

Getting Amazing Results on your Carpet Without a Steam Cleaner

2
How to calculate returns on FDs?

How to calculate returns on FDs?

2
Dissertation Writing Help

Most Common Problems Students Face With Writing Dissertations

2
hair-growth-long-hair-stock-today-180622-main-art_698aa92eb44df10ec28944776bdbc015.fit-760w

Learn How to Grow Hair Fast

2
Thinking of PRINCE2 Project training differently

Thinking of PRINCE2 Project training differently

February 25, 2021
 SEO Best Practices for Using GIFs

 SEO Best Practices for Using GIFs

February 25, 2021
KeepABit review 2021 | Complete Pros and Cons, Security, and Reliability of This Exchanging Platform (www.keepabit.com)

KeepABit review 2021 | Complete Pros and Cons, Security, and Reliability of This Exchanging Platform (www.keepabit.com)

February 24, 2021
Golden-Gate Review 2021| Top Forex Brokers | Free Forex Education (www.golden-gate.co.uk)

Golden-Gate Review 2021| Top Forex Brokers | Free Forex Education (www.golden-gate.co.uk)

February 24, 2021

Recent Blog

Thinking of PRINCE2 Project training differently

Thinking of PRINCE2 Project training differently

February 25, 2021
 SEO Best Practices for Using GIFs

 SEO Best Practices for Using GIFs

February 25, 2021
KeepABit review 2021 | Complete Pros and Cons, Security, and Reliability of This Exchanging Platform (www.keepabit.com)

KeepABit review 2021 | Complete Pros and Cons, Security, and Reliability of This Exchanging Platform (www.keepabit.com)

February 24, 2021
Golden-Gate Review 2021| Top Forex Brokers | Free Forex Education (www.golden-gate.co.uk)

Golden-Gate Review 2021| Top Forex Brokers | Free Forex Education (www.golden-gate.co.uk)

February 24, 2021
ADVERTISEMENT
Away Some Article & Blog

Submit A Guest post | Away Some Article & Blog

Follow Us

Browse by Category

  • Accounting
  • Architecture
  • Automobile
  • Automotive
  • Beauty
  • Best Exercises
  • Biography
  • Bitcoin
  • Blockchain
  • Business
  • Career
  • CBD
  • Computer
  • Content Management System
  • Corona virus
  • COVID-19
  • Dentist
  • Designing
  • Digital Marketing
  • Digital Marketing Trends 2020
  • Drupal 8
  • Drupal 9
  • Earn Money Online
  • eCommerce Businesses
  • Education
  • Electronics
  • Entertainment
  • Face
  • Facebook
  • Fashion
  • Finance
  • FinTech apps
  • Fitness
  • Food
  • Furniture
  • Gadgets
  • Games
  • Gardening
  • General
  • Gift
  • Google Flutter
  • Graphic Design Services
  • Graphics Cards
  • Guest Post
  • Guest Posting
  • Gym
  • Hair Care Tips
  • Health
  • Holiday Accommodation
  • Home improvement
  • Household
  • Interior Design
  • Internet
  • Jewelry
  • JioMart News
  • Jobs
  • Kitchen
  • Laravel Development
  • Law
  • Legal
  • Lifestyle
  • Loan
  • Magento 2
  • Magento 2 App Development
  • Marketing
  • Medical
  • Medical Store
  • Men's Health
  • Mental Health
  • Mobile & Web Development
  • Mobile App Development
  • Mobile Recharge
  • Movies
  • Moving and relocation
  • MVP Development
  • News
  • Office Furniture
  • Online Business
  • Other
  • Park
  • Party
  • Photography
  • Psychologist
  • RAKHI
  • Real Estate
  • Recruitment Services
  • Restaurant
  • Restoration Company
  • Rose
  • SEO
  • Skin
  • Smartphones
  • Social Media
  • Social Media Marketing
  • Software
  • Sport
  • Teaching
  • Technology
  • Telecom
  • Tiles
  • Tips
  • Travel
  • Traveling
  • Uncategorized
  • Use Integrity Scanning
  • Villa
  • VoIP
  • Web and Mobile Development
  • Web Designing
  • Web Development Services
  • Website development
  • Women
  • Wordpress
  • Yoga
  • Yoga Therapy

Recent Article

Thinking of PRINCE2 Project training differently

Thinking of PRINCE2 Project training differently

February 25, 2021
 SEO Best Practices for Using GIFs

 SEO Best Practices for Using GIFs

February 25, 2021
KeepABit review 2021 | Complete Pros and Cons, Security, and Reliability of This Exchanging Platform (www.keepabit.com)

KeepABit review 2021 | Complete Pros and Cons, Security, and Reliability of This Exchanging Platform (www.keepabit.com)

February 24, 2021
Golden-Gate Review 2021| Top Forex Brokers | Free Forex Education (www.golden-gate.co.uk)

Golden-Gate Review 2021| Top Forex Brokers | Free Forex Education (www.golden-gate.co.uk)

February 24, 2021

Carter-Williams Review 2021- Is this broker worth a shot? (www.carter-williams.com)

February 24, 2021
Top 8 Tips Before You Go For Mobile App Development

Top 8 Tips Before You Go For Mobile App Development

February 24, 2021

Purchase the best steroids in Canada with steroids Canada

February 23, 2021
  • About Us
  • Privacy & Policy
  • Terms and Conditions
  • Contact

Copyright © 2020 Away Some Article. All rights reserved.

No Result
View All Result
  • Home
  • Magento 2 App Development
  • WordPress
  • SEO
  • Yoga
  • Lifestyle
  • Health
  • Write For Us
  • Contact us

Copyright © 2020 Away Some Article. All rights reserved.