Your Guide to PAYG Income Tax Instalments
If you're a sole trader or run a small business in Australia, you've probably heard the term 'pay as you go (PAYG) income tax instalment'. It's a system for prepaying your income tax throughout the year, rather than facing a large bill after lodging your annual return. This system breaks down your estimated tax liability […]
ABN and Tax Return A Simple Guide for Sole Traders
When you're a sole trader, your Australian Business Number (ABN) and your personal tax return are closely linked. Any income you earn under that ABN is generally considered business income, which you may need to report on your individual tax return alongside any other income you’ve made. Think of your ABN as the official identifier […]
Self Employed Tax Return A Sole Trader’s Guide
That first leap into self-employment is an incredible feeling. But then tax time rolls around, and lodging your first self employed tax return can feel like hitting a brick wall. If you’re a sole trader in Australia, the process is a world away from a standard employee return. It’s all about business income, allowable deductions, […]
