The extract below is from the Australian Taxation Office. This information provides a basic summary of general individual (sole trader) tax return and associated business tax reporting obligations.
A sole trader is the simplest and cheapest business structure you can choose as it has few legal and tax formalities.
If you operate your business as a sole trader, you trade on your own and control and manage the business. You are legally responsible for all aspects of the business, and debts and losses can’t be shared with other individuals.
As a sole trader you’re responsible for your own super arrangements and any staff you employ.
The key features of a sole trader business structure are that you:
As a sole trader you can’t claim deductions for money ‘drawn’ from the business. Amounts taken from the business are not wages for tax purposes, even if you think of them as wages.
If you’re paid mostly for your personal efforts, skills or expertise, you might be receiving personal services income (PSI) and you may have to treat deductions in relation to this income differently.
Taxopia online tax accountants can assist you with any structural business tax questions. We have very cheap sole trader tax return solutions for your business. Get started now and complete your tax return by simply completing our online form, “Individual Tax Returns with Rental Property and/or Small Business“.
Have a question? Feel free to contact us on 1300 829 674.
LIMITED-TIME OFFER – GET $100 OFF ON BASIC PACKAGE TODAY!*
You’ve chosen TAXOPIA LITE, a self-lodgment service. Please be aware that tax offices are starting to phase-out DIY paper lodgments and are encouraging the transition to digital.
Don’t be the last one to enjoy hassle-free digital lodgments. Upgrade to TAXOPIA BASIC PACKAGE today with a special limited-time $100 discount* and enjoy the benefits of having our accountants lodge for you.
As a bonus benefit for working with us, you get a lodgment deadline extension period to avoid penalties.
*The discount only applies to lodgments for one financial year. For clients requiring lodgment for multiple financial years, the discount applies only on the first year. all succeeding tax returns after that will be at regular price.
For the LITE Package: Please note that is a self lodgment service and does not include electronic lodgment by Taxopia. One of our qualified accountants will prepare your tax return, but it is your responsibility to print, sign & post to ATO to lodge.
You’ve chosen the Taxopia Lite Package…
TAXOPIA LITE is a self-lodgement service. Please be aware that for majority of tax payers, the due date for self-lodged returns is 31st of October.
If you’re self-lodging overdue tax returns, it may put you at risk of incurring penalties from the ATO. We recommend you upgrade to TAXOPIA BASIC PACKAGE and enjoy the benefits of having our accountants lodge for you and get a lodgement deadline extension period to avoid penalties.
For the LITE Package: Please note that is a self lodgement service and does not include electronic lodgement by Taxopia. One of our qualified accountants will prepare your tax return, but it is your responsibility to print, sign & post to ATO to lodge.
Need a fast turnaround?*
If you require your taxes to be completed faster, we have a premium Fast Lane option available for this package which puts your request at the front of the queue of our workflow.
*Excludes public holidays, weekends and office closure dates.
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Need a fast turnaround?* Taxopia’s standard turnaround for this Lite package is three business days. If you require your taxes to be completed faster, we have a premium Fast Lane option available. With this option, pay $220+ GST to get your taxes done within one business day! |
A friendly reminder…
Please note that is a self lodgement service and does not include electronic lodgement by Taxopia. One of our qualified accountants will prepare your tax return, but it is your responsibility to print, sign & post to ATO to lodge.
If this option suits your needs, please click below to get started.
You’ve chosen the Taxopia Lite Package…
Please note that is a self lodgement service and does not include electronic lodgement by Taxopia. One of our qualified accountants will prepare your tax return, but it is your responsibility to print, sign & post to ATO to lodge.
If this option suits your needs, please click below to get started.
* Sole Trader Package pricing conditions, please take note the pricing excludes the following items; however, these services can be provided for an additional cost.
If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote.
* Premium Package pricing conditions ($1200+ GST):
Please note that ALL our plans exclude the following:
If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote for any additional work.
* Standard Package pricing conditions ($800+ GST):
Please note that ALL our plans exclude the following:
If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote for any additional work.
* Basic Package pricing conditions: ($400+ GST):
If you do not qualify for this option, you will need to consider our Standard Package ($800+ GST).
Please note that ALL our plans exclude the following:
Please contact us for a customised quote if you require help on any of the excluded items.
Company or Trust Tax Return for Accountants & Bookkeepers
* BASIC PLAN ($400+ GST) CONDITIONS:
* STANDARD PLAN ($800+ GST) CONDITIONS:
Please note that ALL our plans exclude the following:
If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote for any additional work.
* Premium Package pricing conditions ($1200+ GST):
Please note that ALL our plans exclude the following:
If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote for any additional work.
* Standard Package pricing conditions ($800+ GST):
Please note that ALL our plans exclude the following:
If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote for any additional work.
* Basic Package pricing conditions: ($400+ GST):
If you do not qualify for this option, you will need to consider our Standard Package ($800+ GST).
Please note that ALL our plans exclude the following:
Please contact us for a customised quote if you require help on any of the excluded items.
Fill out the form below and we will get back to you as soon as we can.
