{"id":281255,"date":"2025-06-08T10:22:47","date_gmt":"2025-06-08T10:22:47","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/sole-trader-tax-what-you-need-to-know\/"},"modified":"2025-06-08T10:22:47","modified_gmt":"2025-06-08T10:22:47","slug":"sole-trader-tax-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=281255","title":{"rendered":"Sole trader tax: What you need to know"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p><em>If you\u2019re a sole trader and need to get your taxes organised, start by reading these expert tips for maximising your return and get a jump start on the new financial year.<\/em><\/p>\n<p><a href=\"https:\/\/www.myob.com\/au\/blog\/7-common-mistakes-smes-make-with-their-invoicing\/\" target=\"_blank\" rel=\"noreferrer noopener\">End of financial year can be stressful<\/a> for any business owner, especially when it comes to completing your\u00a0tax return.<\/p>\n<p>But rest assured, with a little pre-planning and expert help, you can easily reduce your tax-time stress while maximising your deductions.<\/p>\n<p>To help make tax time less stressful, here are some top tax time tips for sole traders \u2013 and some common mistakes to avoid.<\/p>\n<h3>Key takeaways:<\/h3>\n<ul>\n<li>Organising your records and setting up\u00a0good recordkeeping practices\u00a0now will save you time in future<\/li>\n<li>Don\u2019t leave tax planning to the very last minute\u00a0if you want to be thorough, reducing the risk of an audit and maximising your deductions<\/li>\n<li>There are\u00a0tech tools to help streamline the process<\/li>\n<li>Seek professional advice\u00a0from a certified tax agent<\/li>\n<\/ul>\n<h2>What is a sole trader?<\/h2>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/Dog_groomer_1400x500px-1024x366.png\" alt=\"Sole trader\" class=\"wp-image-48073\" srcset=\"https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/Dog_groomer_1400x500px-1024x366.png 1024w, https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/Dog_groomer_1400x500px-300x107.png 300w, https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/Dog_groomer_1400x500px-768x274.png 768w, https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/Dog_groomer_1400x500px.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\"\/><\/figure>\n<p>A sole trader is an individual who runs a business. A sole trader is the only owner of the business, and controls and manages the business.<\/p>\n<p>Sole traders are legally responsible for all aspects of the business, and assume liability for all debts and losses.<\/p>\n<h4>Sole trader tax rate<\/h4>\n<p>Sole traders are taxed as part of their own personal income, so the\u00a0<a href=\"https:\/\/www.ato.gov.au\/rates\/individual-income-tax-rates\/\" target=\"_blank\" rel=\"noreferrer noopener\">personal income tax rate applies<\/a>.<\/p>\n<h4>How much can I earn as a sole trader without paying tax?<\/h4>\n<p>The tax-free threshold for sole traders is $18,200 in the 2025\u201326 financial year.<\/p>\n<h4>Do sole traders get a tax return?<\/h4>\n<p>Sole traders are obliged to\u00a0<a href=\"https:\/\/www.myob.com\/au\/resources\/guides\/tax\/lodge-business-tax-return\" target=\"_blank\" rel=\"noreferrer noopener\">lodge a tax return<\/a>, even if their income is below the tax-free threshold.<\/p>\n<p>Whether or not a sole trader gets a tax return depends on what their income and costs were during the financial year.<\/p>\n<p>An\u00a0<a href=\"https:\/\/www.ato.gov.au\/Calculators-and-tools\/Income-tax-estimator\/\" target=\"_blank\" rel=\"noreferrer noopener\">income tax estimator<\/a>\u00a0can be used to get an idea of whether a return will be earned. Alternatively, your accountant will be able to help you work this out.<\/p>\n<h4>How is taxable income calculated as a sole trader?<\/h4>\n<p>For a sole trader, taxable income is calculated at the same rate as personal income. The ATO calculates the sole trader\u2019s income tax by deducting allowable deductions from taxable income.<\/p>\n<p>The result of this equation is the amount that the sole trader is liable to pay tax on.<\/p>\n<h4>How to pay tax as a sole trader<\/h4>\n<p>In a sole trader\u2019s first year of business, they can make tax pre-payments into their tax bill account, put money aside for the tax they expect to pay or voluntarily enter into instalments.<\/p>\n<p>Once a sole trader has lodged their first income tax return and reported a tax-payable amount above a certain threshold, they will automatically enter the\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.ato.gov.au\/General\/PAYG-instalments\/\" target=\"_blank\">pay-as-you-go (PAYG) instalment system.<\/a><\/p>\n<p><a href=\"https:\/\/www.myob.com\/au\/products\/solo\/app-features\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Start the new financial year fresh with Solo by MYOB. Set yourself up right now, so you can do less work work come tax time. It\u2019s only $1 per month (billed yearly). T&amp;Cs apply, base subscription only.<\/strong><\/a><\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/Tradie_mobile_1400x500px-1024x366.jpg\" alt=\"Sole trader\" class=\"wp-image-48078\" srcset=\"https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/Tradie_mobile_1400x500px-1024x366.jpg 1024w, https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/Tradie_mobile_1400x500px-300x107.jpg 300w, https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/Tradie_mobile_1400x500px-768x274.jpg 768w, https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/Tradie_mobile_1400x500px.jpg 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\"\/><\/figure>\n<h2>Tax tips for sole traders<\/h2>\n<p>Come tax time, sole traders have enough to worry about without getting their taxes in a tangle. Here are 8 tips to make tax time easier.<\/p>\n<h3>1. Separate business and personal expenses<\/h3>\n<p>If you don\u2019t already have a business account set up, you should make this a priority.<\/p>\n<p>Pay all of your\u00a0<a href=\"https:\/\/www.myob.com\/au\/resources\/guides\/starting-a-business\/business-expenses\" target=\"_blank\" rel=\"noreferrer noopener\">business expenses<\/a>\u00a0through a business bank account and a dedicated credit card. This will ensure you don\u2019t miss out on any tax deductions.<\/p>\n<p>If you do have to pay for something business-related with cash, or from a personal account, reimburse yourself from your business bank account so you have a record.<\/p>\n<h3>2. Know the rules around expense claims<\/h3>\n<p>If you are spending money on things that help you make money in your business, it will be either fully deductible or partially deductible.<\/p>\n<p>But it\u2019s important you only claim the portion that is used for your business. For example, if you have one mobile phone for both work and personal use, you can only claim a certain percentage of your bill as a business deduction.<\/p>\n<p>An expense that\u2019s regularly overlooked is the use of a privately-owned vehicle. If this is the case, a logbook should be maintained as proof of business use or business kilometres.<\/p>\n<p>To learn what can \u2014 and can\u2019t \u2013 be deducted, <a rel=\"noreferrer noopener\" href=\"https:\/\/www.ato.gov.au\/individuals-and-families\/income-deductions-offsets-and-records\/deductions-you-can-claim\" target=\"_blank\">head to the ATO website\u2019s business tax deductions summary.<\/a><\/p>\n<h3>3. Keep digital copies of work-related receipts<\/h3>\n<p>There\u2019s can be confusion around the need for\u00a0<a href=\"https:\/\/www.myob.com\/au\/resources\/guides\/tax\/tax-receipts\" target=\"_blank\" rel=\"noreferrer noopener\">receipts<\/a>.<\/p>\n<p>You cannot claim a tax deduction for an expense if you do not have a receipt.<\/p>\n<p>You\u2019re required to keep these records for a minimum of five years. And, as paper receipts fade and are easily misplaced, it\u2019s best to have a digital backup in case of an audit.<\/p>\n<p><a rel=\"noreferrer noopener\" href=\"https:\/\/www.myob.com\/au\/products\/solo\" target=\"_blank\">Apps like Solo by MYOB,<\/a> or <a rel=\"noreferrer noopener\" href=\"https:\/\/www.myob.com\/au\/myob-apps\/myob-capture\" target=\"_blank\">MYOB Capture<\/a> make this easy \u2014 you can snap a photo of your receipt, auto-fill a transaction and digitally store all your expenses in one place.<\/p>\n<p><a href=\"https:\/\/www.myob.com\/au\/resources\/guides\/invoicing\/invoice-vs-receipt\" target=\"_blank\" rel=\"noreferrer noopener\">Invoice vs receipt: Key differences and FAQ<\/a><\/p>\n<h3>4. Don\u2019t leave tax planning (and returns) to the last minute<\/h3>\n<p>It\u2019s always best to undertake tax planning strategies well before 30 June. This enables you access to a range of tax reduction strategies you may not be able to put in place at a later date.<\/p>\n<p>We recommend sole traders compete their returns well before the due date, even if a tax bill is anticipated.<\/p>\n<h3>5. Don\u2019t go it alone<\/h3>\n<p>Whether you\u2019re yet to submit last year\u2019s tax return or planning for the new year, consider seeking some outside help.<\/p>\n<p>Enlisting an accountant\u00a0can save you time and money, and provide valuable insight into the health of your business.<\/p>\n<p>Having an accountant produce your\u00a0<a href=\"https:\/\/www.myob.com\/au\/resources\/guides\/accounting\/profit-and-loss-statement\" target=\"_blank\" rel=\"noreferrer noopener\">profit and loss statement<\/a>\u00a0and tax return is the best way to ensure your tax is minimised.<\/p>\n<h3>6. Keep good records<\/h3>\n<p>Keep thorough and detailed records, preferably with a\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.myob.com\/au\/accounting-software\" target=\"_blank\"\/><a rel=\"noreferrer noopener\" href=\"https:\/\/www.myob.com\/au\/accounting-software\" target=\"_blank\">business admin app or accounting software<\/a>. This will ensure you can keep your eyes on your numbers throughout the year.<\/p>\n<h3>7. Set aside tax<\/h3>\n<p>Throughout the year, set aside tax (and GST if registered) to avoid a nasty surprise at tax time. Your accountant will be able to help you calculate the amount to set aside.<\/p>\n<h3>8. Hire a good accountant<\/h3>\n<p>Find an accountant that you can relate to, speak openly with, and who will consider all options to legitimately reduce your tax.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/woman-working-on-laptop-her-home-1049181737-1-1024x366.jpg\" alt=\"Sole trader\" class=\"wp-image-48084\" srcset=\"https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/woman-working-on-laptop-her-home-1049181737-1-1024x366.jpg 1024w, https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/woman-working-on-laptop-her-home-1049181737-1-300x107.jpg 300w, https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/woman-working-on-laptop-her-home-1049181737-1-768x274.jpg 768w, https:\/\/pulse-uploads.myob.com\/uploads\/2024\/07\/woman-working-on-laptop-her-home-1049181737-1.jpg 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\"\/><\/figure>\n<h2>Avoid these common sole trader tax-time errors<\/h2>\n<p>Some of the most common mistakes made by sole traders at tax time are:<\/p>\n<ul>\n<li>Not declaring all income received \u2014 that means\u00a0<a href=\"https:\/\/www.myob.com\/au\/products\/solo\/app-features\" target=\"_blank\" rel=\"noreferrer noopener\">keeping your invoices in order<\/a>\u00a0and staying on top of\u00a0BAS<\/li>\n<li>Claiming expenses that are not business related<\/li>\n<li>Not taking into account the private proportion of expenses<\/li>\n<li>Not keeping a logbook, which can limit your motor vehicle claims<\/li>\n<li>Not claiming interest on motor vehicle loans and\u00a0business loans<\/li>\n<li>Incorrectly claiming loan repayments as leases<\/li>\n<li>Not claiming expenses that were paid for personally<\/li>\n<\/ul>\n<hr class=\"wp-block-separator\"\/>\n<p style=\"font-size:10px\"><em>Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice.\u00a0This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.<\/em><\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re a sole trader and need to get your taxes organised, start by reading these expert tips for maximising your return and get a jump start on the new financial year. End of financial year can be stressful for any business owner, especially when it comes to completing your\u00a0tax return. But rest assured, with [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":281256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11759],"tags":[1339,7356,11048],"dealstore":[],"offerexpiration":[],"class_list":["post-281255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","tag-sole","tag-tax","tag-trader"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sole trader tax: What you need to know - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=281255\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sole trader tax: What you need to know - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"If you\u2019re a sole trader and need to get your taxes organised, start by reading these expert tips for maximising your return and get a jump start on the new financial year. 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