Sole Trader Tax Returns Gold Coast

sole trader tax returns gold coast

Looking for an Accountant on the Gold Coast to lodge your Sole Trader Tax Returns?

The Sole Trader controls and runs the business by using their individual Tax File Number (TFN), and can apply for an Australian Business Number (ABN) for their business dealings. As a Sole Trader, you are legally responsible for the tax owed by yourself, as well as employee tax. Compared to corporations and other organisations, the amount of paperwork you need to complete a sole trader tax return is negligible, but there’s still a lot you need to know.

Do you need help lodging your sole trader tax returns?

You must include all your business income, and report it on your individual tax return. Naturally, you may deduct any expenses incurred which were for the purpose of your business.

Advantages of being a Sole Trader

Setting up a NEW Business, becoming a sole trader is the easiest and cheapest option when compared to other structures such as partnerships. There are usually no set-up costs and only a simple tool such as a bookkeeping program is required.

Sole Trader Tax Returns in Australia can be complicated when doing it yourself, that’s why our team at Impact Accounting have built a system especially for Sole Traders to easily file their tax return.

For more details feel free to contact us.