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What is sole trader tax return and why is it important?
CleanSlate has helped thousands of sole traders in Australia become tax compliant through accurate and timely lodgement of their tax returns.
Filing your sole trader tax return is an essential part of managing and maintaining your business in Australia. Not only does it ensure that you comply with legal requirements and avoid costly penalties, but it also allows you to track key financial information about your business.
By analyzing this information, you can gain a more accurate understanding of how your company is performing and plan for future growth, reducing costs, and ensuring a healthy cash flow.
In addition to these practical benefits, properly filing your tax return provides peace of mind by helping you to stay up-to-date on all important legal requirements.
Overall, proper filing of sole trader tax returns is crucial if you want to successfully manage and grow your business in Australia.
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offerings
Trusted accountant
Trusted accountant
for sole trader
We provide comprehensive accounting services for small businesses, ensuring that all of your financial records are kept up-to-date and in order.
Experienced accountants
Whether it's managing bookkeeping, payroll processing, or preparing taxes, our expert online accountants can help small businesses stay on top of your finances.
Expert knowledge
We understand the intricacies of Australian tax law can offer expert advice on small business tax deductions and offsets that can benefit your business.
Dedicated team
Our team of experts who specialise in online accounting for small businesses adheres to the highest standards of accuracy and compliance to assist with sole trader tax payments.
Timely reports
We pride ourselves on our ability to provide timely financial reports that are tailored to meet the unique needs of our clients.
Packages
Fixed monthly fee for
Fixed monthly fee for
a defined scope of services
Many clients appreciate having bookkeeping and tax services under one roof, while also enjoying the predictability of a fixed fee. Below is our indicative fee for a standard scope of work:
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Unlimited support
Quick onboarding
Select package
Only Bookkeeping & BAS
Only bookkeeping and BAS (Does not cover tax returns, payroll and super):
From
$165/month
*ex GST
- Regular bookkeeping
- Track income and expenses
- Online BAS lodgment
- Full financial statements
- QuickBooks subscription
- Annual business tax return
-
Payroll processing
for up to 5 employees
- STP reporting
- Employer super reporting
Bookkeeping & Tax combined
For bookkeeping, BAS and tax returns (but no payroll or Super included):
From
$225/month
*ex GST
- Annual business tax return
- Full financial statements
- Software subscription
- Regular bookkeeping
- Track income and expenses
- Online BAS lodgment
-
Payroll processing
for up to 5 employees
- STP reporting
- Employer super reporting
Bookkeeping, Tax & Payroll
All inclusive package: Bookkeeping, BAS, payroll, Super and tax returns:
From
$280/month
*ex GST
- Annual business tax return
- Full financial statements
- Software subscription
- Regular bookkeeping
- Track income and expenses
- Online BAS lodgment
-
Payroll processing
for up to 5 employees
- STP reporting
- Employer super reporting
Sole trader tax obligations
As a sole trader, it is essential to understand your tax obligations and responsibilities. Whether you are reporting income, paying GST or PAYG, it is important to be aware of the requirements that apply specifically to individuals running their own businesses.
This includes using your individual tax file number when submitting your income tax return as well as registering for an ABN and making sure that all business transactions are linked to this identifier.
Additionally, sole traders must pay their taxes at the same income tax rates as other individuals, and may qualify for certain business-related deductions.
Overall, being a successful sole trader requires careful planning and awareness of all relevant tax rules and regulations.
Contact us
Sole traders tax
filing process
Documentation review
Our team will review all necessary documents, such as invoices and expenses, to ensure accuracy and completeness.
Fill forms
We will accurately fill out all relevant tax forms, including income tax return forms and GST forms.
Lodge returns
Finally, we will submit all required tax returns on your behalf to the ATO to ensure compliance.
Ongoing support
Our team offers ongoing support, providing guidance and assistance in any tax-related matters.
Why us
Why choose CleanSlate for sole traders tax returns?
There are many reasons why you should choose CleanSlate for sole traders tax returns.
First and foremost, we have over a decade of experience in providing accurate and precise tax calculations for all types of traders.
Our team of expert accountants is passionate about what they do, and they are dedicated to delivering high-quality services at affordable prices.
Whether you're a small business owner or a big-time business owner with tens of thousands of transactions per year, our team will work tirelessly to get your tax return done right the first time around.
So if you're looking for an experienced accountant who knows the ins and outs of sole trader tax returns like the back of their hand, look no further than CleanSlate! We've got you covered.
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TESTIMONIALs
Client reviews
Josel Jose
(A vivid property investor)
If you're looking for an excellent accounting and tax service, CleanSlate is definitely worth considering. The team is very professional and supportive, and the process is streamlined and efficient. Overall, I've had a great experience working with them!
Questions
Frequently
Frequently
asked questions
To complete a tax return as a sole trader in Australia, the first step is to gather all of your relevant business and financial documents. This may include revenue and expense statements, bank statements, invoices, and receipts for any purchases or services that you have made.
Next, you will need to fill out the appropriate forms based on your business structure. Once you have completed your tax return, it is also important to review it carefully to make sure that all of your calculations are accurate.
If you have any questions or concerns about the process of preparing a tax return as a sole trader in Australia, be sure to talk to a qualified tax professional who can help guide you through the process step-by-step.
With the right preparation and attention to detail, anyone can successfully complete their own tax return as a sole trader in Australia.
The amount of tax that a sole trader pays depends on their individual income level. The Australian Tax Office (ATO) applies the same progressive income tax rates to individuals, including sole traders.
In addition to the income tax rate, sole traders may also need to pay GST and other taxes depending on the type of business they run. It is important for sole traders to be familiar with their tax obligations and make the necessary payments on time throughout the financial year to avoid penalties from the ATO.
Of course, consulting with a professional accountant or financial advisor can also help to make sure you're making smart tax decisions for your business.
If you are a sole trader and your business turnover is above $75,000 per year, you are legally required to register for GST.
To register for GST as a sole trader, you will need to go online and fill out the appropriate forms through the Australian Business Register (ABR) website. Once completed, you will receive a letter from the ATO confirming your registration, along with an Australian Business Number (ABN).
Once you have registered for GST, it is important to remember that you must report all income and expenses on your annual tax return, including any GST payments. Additionally, you will need to submit a Business Activity Statement (BAS) to the ATO every 3 months.
As a sole trader, you are entitled to various deductions on your annual tax return. This may include expenses related to running your business such as training costs, advertising and promotion expenses, office equipment and supplies, travel expenses, and more.
It is important to remember that any deductions you claim must be related to your business and they must be supported by appropriate documentation. Consulting with a professional accountant or tax advisor can help to ensure that all of your deductions are claimed correctly and in accordance with the relevant laws.
Sole traders should keep accurate records of their business expenses throughout the year, so that they can easily claim any relevant deductions on their tax return.
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