Being a sole trader is perhaps the most uncomplicated and simplest way of starting and running a business. As a sole trader, the business owner experiences various benefits over other business owners. For instance, a sole trader has total control of their incomes and expenses. Also, one has the full freedom to take critical business decisions. However, having to manage everything on your own might make it difficult for you to take care of the sole trader tax liabilities in a professional and appropriate manner.
A sole trader tax return accountant may, therefore, be considered for the professional help regarding your sole trader tax Australia compliances. At Tax Accountant Perth, we offer accounting and financial planning solutions with our experience in the sole trader tax return and wealth management in a systematic and organised manner. You can lodge a sole trader tax return with our expert sole trader accountant and experience the huge difference it makes to your profit maximisation with our knowledge of taxation compliance.
The sole trader is required to pay the sole trader income tax at the personal income tax rate within the threshold of a tax-free slab of $18,200. The sole trader business tax involves all the claims of the deduction for any kind of contributions made on superannuation.
The sole trader tax is best lodged with appropriate guidance from a professional sole trader tax accountant who can help with their knowledge to minimise your tax liability and maximise your profits.
The following points must be considered while lodging the sole trader tax return:
To avail of all these benefits appropriately, consider getting professional help from the experts at Accountant Perth WA.
Being a sole trader in Australia offers you many benefits in relation to tax liabilities. But to avail of these benefits, one must be aware of the deductions and concessions available under the sole trader business tax. A professional sole trader accountant can help you avail the maximum tax benefits through appropriate deductions claims while minimising your tax outgo.
Here is a list of few claims that are allowed on the sole trader tax return. These operating expenses can be claimed as deductions in the year of incur as allowed by the ATO:
The depreciation on fixed assets and capital expenses are also allowed for claims under deduction for several years for the assets having a longer life. These include plants and equipment, furniture, computers, etc.
To understand the process of claims and the eligible claims, consider hiring a sole trader accountant from Accountant Perth WA.
There are several benefits of appointing a sole trader accountant for the lodgement of your sole trader returns. Due to their expertise and deep knowledge about the latest updates on tax compliance, a professional sole trader tax accountant can always assist you in multifarious ways.
To begin with, the advice of a professional sole trader tax accountant can help maximise savings on your sole trader tax liabilities.
Besides, as the sole person responsible for your critical business chores, you would often find yourself busy with various responsibilities. Therefore, when it comes to tax compliances and financial management, the right professional advice can help you do it with full transparency and confidentiality.
Some of the key benefits you can expect from a professional sole trader accountant at the Accountant Perth WA are:
Other than the above, there’s a lot more you can explore with us to maximise profits. So, if you ever need a helping hand to complete your sole trader tax returns from scratch or if you find yourself stuck between compliance processes, you can reach out to our sole trader accountant at any hour for the right advice or assistance.