Sole Trader Tax Return
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Sole Trader Tax Return Perth

The ATO sole trader tax return applies merely to all the Australian sole traders. A sole trader is a person who operates their business solo and in their own name.

You’re entitled to your sole trader tax return only if you don’t meet the criteria of your company tax-return lodgement.

While presiding over as a sole trader is easy, meeting its tax return obligations is absolutely difficult. When we at Palladium Financial Group are there with you, completing your sole trader tax return Perth is as simple as that.

Importance of sole trader tax return lodgement

As a sole trader entity, lodging sole trader tax return is important even if your income is below the tax-free threshold. Our specialists will consider both GST and Income Tax while calculating your tax refund. They will also assist you to pay your taxes according to the personal income tax rate.

Paying Tax as a Sole Trader

When paying tax as a sole trader in Australia, there are some circumstances you should be aware of.

  • You are entitled to certain small business tax concessions as a sole trader.
  • As a beginner, you must keep some money aside for taxes required even after the tax return lodgement.
  • The ATO will determine your PAYG instalments after you’ve lodged your first sole trader tax return.
  • You are allowed to offset your potential losses with income acquired from a variety of sources. However certain conditions apply for eligible taxpayers.

Hire a tax accountant from our team in this matter.

Sole Trader Tax Rate

Every Australian sole trader must pay tax at the personal income tax rate with a tax-free threshold of $18,200. Sole traders in Australia are entitled to certain income offsets. These include the following:

  • Middle income offset of up to $1,080
  • Small business income tax offset of up to $1,000

You’re also allowed to claim a deduction on any contribution which you had made to your superannuation. To yield the maximum benefits of your sole trader tax rate you need to hire a sole trader tax accountant from us. Be rest assured you’ll get the finest assistance instead.

Expert Sole Trader Tax Accountant to Maximize Your Returns

To maximise your tax return effectively, hire a top-notch sole trader tax accountant from our team today. Following are the ways in which our tax accountant will maximise your tax return. 

  1. Standard compliance: A tax accountant from our team is aware of the codes of compliance of the ATO. Our professional will complete your sole trader tax return by adhering to these standards. This will save you thousands of dollars in your sole trader taxes. 
  2. Proactive GST calculations: Our specialists will calculate GST levied on your taxable income at the rate of 10%. Subsequently, they’ll exclude any GST charged on your business earnings.  As a result, your tax return will be maximised to a reasonable extent. 
  3. PSI Evaluation: One of our tax consultants will also evaluate whether you’re entitled to Personal Services Income (PSI) or not. These are payments you receive based on your skills, expertise or personal efforts. If your income falls under this category, then it’ll also lead to the maximization of your sole trader tax return optimally. 

Now, maximising your sole trader self-assessment returns is simple once you hire our sole trader tax accountant.

Choose Palladium Financial Group for Your Sole Trader Taxation Requirements

So, do you also wish to file self-assessment tax return with professionalism?  If so, then, hire one of our sole trader taxation consultants without a miss. There are many benefits which you can expect in return.

  • Faultless preparation and lodgement of your sole trader taxation return
  • Acquisition of certain tax-deductible fees
  • Submission of all the relevant documents to the Australian Taxation Office
  • Identification of the potential deductions which you weren’t familiar with

To get each of these advantages, contact Palladium Financial Group immediately.

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