Sole Trade Tax Returns - $149.90*
How Does Sole Trader Business Tax Work?
As a Sole Trader you will need an Australian Business Number (ABN) in order to receive full payments from business clients. This is a legal requirement for sole trader tax return purposes. If your looking for a sole trader tax return form to do it yourself, Tax Monster can streamline your accounts as a Sole Trader and often can help you, get more deductions that will easily account for our nominal fee. Tax Return's for Sole Trader must be lodged on time or you can receive a fine from the ATO. Sole Trader income tax must be declared accurately and correctly.
If you do not quote an ABN to clients, they must withhold 46.5% of any payments. Sole Traders expecting a annual turnover of $75,000 must register for Goods and Services Tax (GST). You are responsible for your own superannuation arrangements, for which you
Thank You, your enquiry is very important to us.
We will contact you very soon.
If you would like to talk to us now
- Call 1300 829 666
- Tax Monster Team
Want to talk to us?
CALL US 1300 829 666
can claim tax reductions (conditions apply). Sole Traders can employ people to work for them, and to do so must complete payroll tax and Pay As You Go (PAYG) responsibilities, including reporting and paying tax on fringe benefits, as well as superannuation payments for staff members. Lastly, knowing what a sole trader can claim on tax is an important element of sole trader tax in Australia as it allows significant tax reductions to be made. Sole Trader tax deductions checklist below can help lodging.
What can you claim, on your Sole Trader Tax Return?
If you're a Sole Trader you can claim, Sole Trader deductible expenses below. Sole Trader expenses are varied but a quick guide is below. The question that is often asked is, "What expenses can I claim as a Sole Trader?" Read below, Sole Trader allowable expensess. If your looking for answers, for the below bullets read on and view sole trader deductible expenses further on.
Sole Trader deductible expenses list below:
- Motor Vehicle Expenses
- Kilometres Driven
- Travel Expenses
- Uniform, Protective Clothing, Occupation
Specific Clothing, Dry Cleaning
- Self-Education Costs
- Other Work Related Expenses
- Computer, Tools, Equipment, etc.
- Investment Related Expenses
- Donations to Charities
- Cost of Tax Affairs (Tax Monster Fee, etc.)
- Income Protection Insurance Premiums
- Superannuation Contribution
- Sole Trader Tax Return Checklist
In order to correctly fill out a Sole Trader Tax Form, use this handy Sole Trader Tax Return checklist to ensure you have all the details that you may need in order to correctly complete your Sole Trader Tax form:
Sole Trader Tax Form Checklist
- Business Income & Expenses (See "What Can A Sole Trader Claim On Tax?")
- PAYG Payment Summaries (if you employ staff)
- Bank Interest Details
- Government Payment Summaries (Pension, Austudy Allowance, Newstart Allowance etc.)
- Superannuation Statement
- Dividend Received Statements
- Partnership & Trust Distribution Statement
- Managed Fund Statements
- Capital Gains Details – Investment Property or Shares Sold (Purchase Price & Sale Price)
- Foreign Sourced Income and Pensions
- Investment Property Statements (Provided by your property agent)
- Medical Expenses Details
- Private Health Insurance Statement
What is a sole partnership arrangement, how does it change my taxes?
A partnership is formed when two or more people (up to 20) go into business together. Partnerships can either be general or limited. Sole Trader Partnership Tax Returns must be lodged each year.
A general partnership is one where all partners are equally responsible for the management of the business, and each has unlimited liability for the debts and obligations it may incur. Sole Trader Partnership Company must lodge a Tax Return each year to the ATO. A family partnership is where two or more members are related to one another they also must lodge a Partnership Tax Return each year.
A limited partnership is one where the liability of one or more partners for the debts and obligations of the business is limited. A limited partnership consists of one or more general partners (whose liability is unlimited) and one or more limited partners (whose liability is limited in proportion to their investment). There is no maximum number of limited partners. They must lodge a Partnership Tax Return.
An incorporated limited partnership is a special type of limited partnership, primarily used by businesses engaged in high-risk venture capital projects. You should seek expert legal advice if considering forming this type of partnership. Sole trader or partnership can be helped decided by an accountant at Tax Monster. Limited and incorporated limited partnerships must be registered with Consumer Affairs Victoria (CAV).
Looking for Sole Trader Tax Rates?
See a table below list of sole trader tax rates for Australian tax rates for residents. Sole traders pay tax rates based on the same rates as individual tax payers.
Sole Trader Tax Rates 2016–17
The following rates for 2016–17 apply from 1 July 2016.
|Taxable income||Tax on this income|
|0 – $18,200||Nil|
|$18,201 – $37,000||19c for each $1 over $18,200|
|$37,001 – $87,000||$3,572 plus 32.5c for each $1 over $37,000|
|$87,001 – $180,000||$19,822 plus 37c for each $1 over $87,000|
|$180,001 and over||$54,232 plus 45c for each $1 over $180,000|
The above rates do not include the:
• Medicare levy of 2%
• Temporary Budget Repair Levy; this levy is payable at a rate of 2% for taxable incomes over $180,000.