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Sole Trader Tax Return

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Sole Trader Tax Returns - Done Fast & Professionally

As a Sole Trader, you are legally responsible for the tax owed by yourself, and for paying any staff PAYG. Tax Monster can easily help lodge your sole trader tax returns. Most Sole Traders do not put aside their taxes each year, and this can become a tax problem. Sole Traders must pay tax at the same rate as being an employee, but you need to on pay the amounts owed to the ATO yourself. You must fill out a Sole Trader tax form by October 31st every year, deducting any expenses incurred for business purposes. Tax Monster provides a comprehensive service helping Sole Traders fill in their tax returns.

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Sole Trader taxes in Australia can be complicated doing it yourself, that's why Tax Monster has built systems especially for Sole Traders to lodge tax. See below for our services to help easily account for income tax for Sole Traders. If you need help doing any returns for the below, we can get it done within 24 Hours. If you're sick of paying your accountant hundreds of dollars to lodge a simple sole trader tax return, then give Tax Monster a go!

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Tax Monster’s - Turn Around Time Guarantee, places the responsibility onto our selves. How it works is very simple, if we cant get your Sole Trader Tax Return done within 24 Hours, from when we have received everything we need to file, we will refund 100% of your fees! Why do we do this?

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The main reason is, we understand many accountants are very slow and infuriate their clients. Constantly asking the ATO for extensions. We believe this is poor unprofessional service. And therefore we have placed the responsibility onto our Accountants! That’s our Guarantee, Simple and Fair!


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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

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We will contact you very soon.

If you would like to talk to us now
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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.


General Partnership

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.


Limited partnership

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.

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