If you’re a sole trader running your own small business in Australia, then you’re lucky enough to have the flexibility and freedom to do things your way. But unfortunately, at tax time, you have to fall in line like everybody else. Only you have the additional burden of a sole trader tax.
If you’re not up to speed, filing your annual return can be a little daunting. What rules apply? What deductions can you claim? What paperwork do you have to do? What’s a sole trader tax and is it optional?
There are a lot of perks to the sole trader business structure, but taxes are still an inevitability. To ensure you’re the sole champion of taxes this season, we’ve collected tips to help you understand the sole trader tax, get as many tax deductions as possible, and be one of the most tax-wise business owners around.