Managing Your Sole Trader Tax with Sole Trader Accountant

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.

Lodging Sole Trader Tax Return

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:

  • In the first year of your sole trader business tax, it is always recommended to keep a certain sum of money aside for the tax obligations fulfillment
  • If you do not maintain the budget of your tax liabilities, you may have to face an issue with your cash-flow, and a delay in tax payment may lead to interest penalty and compliance action from the Australian Taxation Office (ATO)
  • Once a sole trader tax is lodged for the first time, the subsequent lodgements are determined as Pay As You Go (PAYG) instalments by the ATO
  • The sole trader tax return is also eligible for many types of concessions applicable to small businesses
  • Under the sole trader business tax compliances, the payee is allowed to offset the losses with income from other sources with certain applicable conditions

To avail of all these benefits appropriately, consider getting professional help from the experts at Accountant Perth WA.

What benefits can you claim as a sole trader in Australia?

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:

  • Home Office Expenses
  • Education & Training
  • Bank Charges
  • Advertising
  • Professional Memberships
  • Bad Debts
  • Business Motor Vehicle Expenses
  • Insurance
  • Business Travel
  • Tax Preparation Costs
  • Interest
  • Repairs & Maintenance
  • Telephone Bills

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.

Benefits of Choosing Sole Trader Tax Accountant

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:

  • 24×7 access to our bookkeeping tool
  • Better planning of your taxes and maximisation of tax efficiency
  • Planning and preparation of financial statements
  • Lodgement of tax statements within the stipulated timelines
  • Allocation of a dedicated sole trader accountant for all your needs
  • Appropriate claims on available deductions and rebates
  • Maintaining a systematic record of your documents and other essential statements

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.

Need Professional Help With Account Services?

  • Extremely happy to work with the team at Accountant Perth WA. They understood the issues and provided prompt advice regarding my personal tax returns and made sure the returns correlated with the Superfund that I manage. The tax agent here was very professional, efficient as well as friendly, and responsive. They made the whole process easy and convenient from start to finish. They even help us to lodge tax returns within the stipulated timeline. We will definitely recommend Accountant Perth WA to anyone who wants to have tax advice & tax return service in Perth, Australia.
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  • We were looking for a tax accountant in Perth CBD who can help us with tax filing, financial planning, manages appropriate bookkeeping, business activity records, and all the tax management for our small business as we have to focus on our core operations to grow our business. We are genuinely thankful to the team of Tax Accountant Perth WA for helping us sort all these tax management and assessment services for our business. And the cheery on the cake was that the because of their professional and highly experienced small business accountant Perth we are able to minimise our tax deductions and maximise the saving. We have found them to be very professional and they have always acted in our best interests. We highly recommend them for all your tax return needs in Perth, WA
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  • I must say Tax Accountant Perth is the most professional and prompt tax expert. I had them incorporate my business and set up my books and give me the best Tax planning advice. One thing I have always been incredibly impressed about is that they helped me in dealing with personal and corporate taxation with ease. I am not that good in accounting stuff and needed some time off to take care of other business activities and then I took company tax return services from the Tax Accountant Perth and was impressed with their demeanor. Then I was able to focus on the production department of my company. It was only possible by having these experts watching my back for all tax related concerns. Sure, we all get stressed, but I have never met a less judgmental group of people in some of the hardest times of my life. I am really thankful and appreciate the efforts of the Tax Accountant Perth WA.
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