Sole Trader Tax Return Online

Taxopia is the Home of Cheap Sole Trader Tax Return Online

Are you looking for cheap sole trader tax returns? Taxopia is a professional but affordable solution to comply with annual tax and accounting lodgements!

We have two options for Sole Traders:

Sole Trader Tax Return: Basic Plan
If you don’t require financial statements such as the Profit & Loss or Balance Sheet statement (for bank use), then this is the most economical solution for your Sole Trading Business.
(Individual Tax Return with Rental Property and/or Small Business)
Sole Trader Tax Return: With Financials
This plan includes all the professionally prepared financial statements such as the Profit & Loss and Balance Sheet statement to assist you with your banking needs.

Taxopia is Australian owned and based in Melbourne. We use state of the art solutions to ensure your sensitive company or trust tax information are kept safe and confidential. We minimise other costs through streamlined work procedures allowing us to provide you with cheap sole trader tax returns. Rest assured, at Taxopia cheap does not equate to low service or less qualified business tax accountants.

We can complete and lodge all of your annual business accounting and business tax return reporting, and even offer quarterly BAS solutions as well. Our extensive expertise allows us to provide more complex business tax advice for your sole trader business if required.

Learn more about sole traders here.

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Sole Trader Tax Return: Basic Plan
^$199inc gst *
- Individual tax return with your Sole Trading Business
- 1 x Business Activity
- Does not include any Financial reports such as Profit & Loss or Balance Sheet Statements.
- * price per financial year
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Sole Trader Tax Return: With Financials
^$480exc gst
- Includes Tax Return Prepared & Lodged
- Preparation of full Financial Statements (for bank use such as Profit & Loss Statements & Balance Sheet)
- Max business turnover $1M/year
- Record keeping criteria apply
- Dedicated Accountant Tax Adviser support
- *See conditions here
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Sole Traders

Being the simplest and cheapest business structure, a sole trader is an individual running a business. As a sole trader, you are the owner and you control and manage the business. Legally, as a sole trader, you are responsible for all aspects of the business, including its debts and losses.

Here are the key characteristics of a sole trader:

Simple to set up and operate
It gives you full control of your assets and business decisions
Requires fewer reporting requirements and is generally a low-cost structure
Allows you to use your individual tax file number (TFN) to lodge tax returns
It doesn’t require a separate business bank account, although this is recommended to make it easier to keep track of your business income and expenses
Requires you to keep financial records for at least five years
Has unlimited liability, and all your personal assets are at risk if things go wrong
It doesn’t allow you to split business profits or losses made with family members
It makes you personally liable to pay tax on all the income derived

Under this business structure, you can employ people to assist in your business, but you must be aware of the legal obligations associated with hiring employees, such as:

workers compensation insurance, and
superannuation.

Tax requirements

As a sole trader, you declare your business income or loss as part of your personal income tax return and you are taxed at the same rate as an individual.

You will also need to register your business for goods and services tax (GST) if your annual turnover is estimated to be over $75,000.

You may also be required to start paying pay-as-you-go (PAYG) instalments as advised by the ATO. These instalments are pre-payments of your tax for the following year, and these tax credits will be credited against your next income tax assessment.

Business Name

As a sole trader, you either use your own name or register for a business name with the Australian Securities and Investment Commission. To more information and to register for a business name, click here: https://asic.gov.au/for-business/registering-a-business-name/

Sole Trader Tax Return Online

Taxopia is the Home of Cheap Sole Trader Tax Return Online

Sole Trader Tax Return: Basic Plan

Sole Trader Tax Return: With Financials

Google Reviews

Sole Traders

Tax requirements

Business Name

For any inquiries, please call: 1300 829 674 or fill out our online form

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