Small Business and Sole Trader Tax Returns

We understand that as a small business you want the most from your tax return. We are here to help.

The following information is for sole traders only (ie you operate on an ABN) if you have set up your entity as a company, trust or partnership, please  contact us for more information.

What information do we need from you?

If you operate as a sole trader, your income from your business is included in your tax return along with anything you may have earned from your employers. As a tax agent, we are able to access any income you have earned from an employer (PAYG income) online via your ATO account. Your income from your business however, requires information from you as to how much you have earned, and what your business running costs are. (your deductions)

Income

  • Your total income earned on your ABN – either from invoices or records you have kept.
  • Payment Summaries (PAYG) from employers – We are usually able to access these for you on your ATO account.
  • Interest statements from banks – We are usually able to access this for you online on your ATO account
  • Government Payments such as Newstart, Paid Parental Leave, etc (downloadable via MyGov or we may be able to access for you)
  • Dividend Statements for dividends received
  • Annual tax statements from managed funds
  • Other income – Rental Property, Investments, Capital Gains, Employee share schemes

Deductions

As a sole trader, you may be entitled to claim more deductions, depending on the nature and running costs of your business. These can be:

  • Tools, stationery or equipment
  • Cost price of stock or materials
  • Instant asset write off – for assets under the value of $30,000
  • Office furniture or software/hardware
  • Mobile phone or internet use
  • Working from home costs – if you have a home office
  • Travel
  • Motor Vehicle claims – cents per km method or logbook
  • Courses, education, & professional development, subscriptions, memberships or union fees.

Offsets & rebates

  • Private health insurance statements – We may be able to access this information on your behalf.
  • Medicare Exemption certificates – required if you are not entitled to receive Medicare Benefits within Australia.

Please contact us if you have any queries about documentation required for your refund.