Don’t forget that even if your income is below the tax-free threshold, if you operate as a sole trader, you always need to lodge the following:
- business and professional items schedule for individuals.
- tax return for individuals including the supplementary section
Tax time is a good time to assess your business structure and speak to your accountant about the best way to progress into the 2017/18. You should also use this time to make sure that your ABN details are up to date and if you are no longer operating as a sole trader, it might be time to change your business structure or cancel your ABN.
If you are a sole trader and need some specific advice about your tax return and the best structure for your business in 2017/18, please contact Rubiix Business Accountants as soon as possible.