Sole Trader Individual Returns

What we Do

A Sole Trader is required to lodge an annual personal tax return with the Australian Taxation Office (ATO).

The sole trader tax return will report to the ATO the business income and expenses, and also, the financial position.

The Net Income (revenue less expenses) of the Sole trader Business will be taxed at individual marginal tax rates.

Sole Trader Tax Returns are processed within 10 business days by expert accountants who leverage online technology.

The team liaise with the ATO on your behalf and ensure a seamless process.

A-Plus Bookkeeping with the collaboration of Tax agents look for ways to minimise your tax liability and maximise your deductions and will need certain information to help you with your tax return. Below is a list of documents to bring with you. If you have any questions, call your local consultant and they will tell you exactly what you’ll need to bring in.

INCOME STATEMENTS

  • Bank Statements
  • Share dividend statements
  • Annual tax statements from trusts, managed investments, property and cash management trusts
  • Income and expenses from investment properties 

OTHER DETAILS

  • Bring the details of your spouse, including their date of birth and taxable income to check if you may be eligible for tax benefits.

Deduction & Expenses

  • A list of work-related expenses (with receipts). This includes your motor vehicle log
  • Receipts of charitable donations
  • Interest and fees on investment loans
  • Donations to charities (unless you get a ticket to win something in return, those ones don’t count)
  • School building levies and library funds
  • Fee charged for previous year’s tax return
  • Income protection insurance
  • Sickness and accident insurance
  • Private health insurance
  • Any extra superannuation contributions
  • Amount of HELP debt or Financial Supplement loans outstanding
  • Out of pocket medical expenses for disability aids only in excess of $2,265