A Sole Trader Tax Return due date is the 31st of October.

However, if you contact us, we can add you to our client list and have your lodgement due date extended by almost 7 months (mid-May the following year) to avoid missing your lodgement deadline, ensuring you remain compliant with your ATO lodgement obligations

A sole trader business structure is reported and taxed as part of your own personal income.

Therefore, the sole trader business will be required to tax at the individual income tax rates.

Example: An individual is employed with a digital marketing agency with an employment income of $60,000 in the 2022 financial year.

They have a registered ABN and operate a side business as a sole trader on the weekends in addition to their employment with the digital marketing agency. The side business generated a net profit of $15,000 in the 2021 financial year.

Not taking into consideration their employment-related deductions and the relevant credits and tax-offsets, the total taxable income in their Individual Tax Return will be $75,000 ($60,000 + $15,000).

They will be taxed at individual income tax rates with a taxable income of $75,000.

You will be required to lodge an Individual Tax Return with a supplementary section that reports the activity of the sole trader business.

In your Individual Tax Return, you will need to report;

• your ABN business income less the business deductions
• other relevant items such as salary and wages, dividends, interest earned, rental income etc

Our Tax compliance packages help your business reach new heights by developing a tailored financial strategy and ensuring that you remain ATO compliant all year round.

We’re expert small business accountants, and we provide small businesses with peace of mind and clarity through;

• Tax compliance services
• Small business advisory services
• Timely lodgements
• Clear tax reporting requirements
• GST advice
• Australia-wide online accounting services
• Payroll services

Simply fill in the ‘Talk To A Specialist’ form on this page, and our friendly team will be in touch within 24 hours to assist you.

The team at DK Partners ensures that you remain ATO compliant while implementing tax-saving strategies unique to your industry, guaranteeing the best possible outcome. Our expert small business accountants can prepare, review and lodge your Sole Trader Tax Return with a fast turnaround time of 2 business days.

Below is a list of small business deductions that sole traders can typically claim:

• Advertising
• Bad debts
• Home office expenses
• Bank charges
• Business motor vehicle expenses
• Business travel
• Education and training
• Professional memberships
• Insurance
• Interest
• Telephone bills
• Repairs & maintenance
• Tax preparation costs

If you have any questions about your small business deductions, simply fill in the “Talk To A Specialist” form on this page, and our friendly team will be in touch within 24 hours to assist you.

Welcome to the new way of accounting.

We are online small business accountants, and we offer Australia-wide virtual small business accounting services adapting to the transition towards a digital world.

Are you tired of the endless Google searches;

“”accountant near me””, “”tax agent near me””, “”Sydney accountant””, “”Sydney tax agent””, “”Liverpool accountant””, “”accountant in Liverpool””, “”Liverpool tax agent””, “”sole trader accountant Liverpool””, “”small business accountant Liverpool””, only to come across old-fashioned accountants who hesitate to utilise technology and cloud-based accounting software?

We live in a fast-paced environment where things can change at any moment. That’s why we believe that your accountants should be a stable and dependable presence – one that provides certainty.

Our modern approach combines cloud-based systems, entirely paperless processes and a proactive team of accountants ready to service you Australia-wide, anywhere, anytime.