How Tax Accountant Perth can help you to Lodge your Sole Trader Income Tax Return?

A sole trader tax return is used if you earn income as the sole owner of a business and do not meet the requirements for filing a company tax return. Sole traders will need to consider two separate types of taxes when lodging a return or calculating a tax refund:

1. Income Tax
2. Goods and Services Tax (GST)

Do You Need to Lodge a Sole Trader Tax Return?

Sole traders must Lodge Tax Return even if their income is below the tax-free threshold. You will still need to complete two separate forms:

1. Individual tax return
2. Business and professional items schedule for individuals

How to Complete a Sole Trader Tax Return?

Once you have the required financial information, you can decide how to fill out and submit your return to the ATO. There are three ways to lodge your tax return:

1. Through a registered tax agent
2. Online using MyTax
3. By paper

The due date to lodge your tax return is the 31st of October every year. If you lodge your sole trader income tax return through a registered tax agent, they’ll tell you when they will lodge your tax return.

Using a Tax Agent

A registered tax agent will prepare and lodge your return, and charge a fee for their services. However, they offer a number of benefits. And, while the setup and running of a sole trader entity are usually fairly simple, completing a sole trader tax return may be more complex than it first looks. At Tax Return Perth, we can help you plan the best tax outcome for the financial health of your business.

Once you have lodged your first tax return as a sole trader, the ATO will determine your PAYG installments. As a sole trader, you may be eligible for many small business concessions. We are happy to provide you with a fixed fee quote.

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