Sole Trader Tax Return Services by Ample Finance
As a sole trader or small business owner, you are personally responsible for managing your tax obligations, including reporting your income and paying the required tax to the Australian Taxation Office (ATO). Additionally, if you employ staff, you must withhold and remit PAYG (Pay As You Go) tax on their behalf. Managing your tax obligations can be complex, but Ample Finance is here to help make lodging your sole trader tax return easy and stress-free.
Understanding Sole Proprietor Tax Obligations
Sole traders in Australia pay tax at the same rate as individuals; however, unlike employees who have tax automatically withheld from their wages, sole traders must calculate and pay their tax directly to the ATO. Ensuring accurate reporting and timely payments is crucial to avoid penalties or fines.
To operate legally and efficiently as a sole trader, you must have an Australian Business Number (ABN). This is essential for receiving full payments from business clients and complying with tax requirements. Without an ABN, your clients are required to withhold 46.5% of payments to you for tax purposes.
If your annual turnover exceeds $75,000, you are required to register for Goods and Services Tax (GST) and lodge Business Activity Statements (BAS). Failure to meet these obligations can result in financial penalties, so proper tax planning and compliance are essential.
How Ample Finance Can Assist You
At Ample Finance, our team of professional, registered tax agents has extensive experience in assisting sole traders with their tax returns. We ensure that:
- Your income is accurately reported to the ATO.
- You claim all eligible deductions and expenses to maximise your tax refund.
- Your sole trader tax return is lodged on time, helping you avoid unnecessary penalties.
- You meet your GST and BAS lodgement requirements if applicable.
- You receive expert advice on tax-saving strategies tailored to your business.
Additional Services to Streamline Your Finances
Beyond tax returns, we offer a range of services to support your financial success, including:
- Bookkeeping Services – Stay on top of your finances with professional bookkeeping to keep your records accurate and up to date.
- BAS Lodgement – Ensure compliance with GST requirements and submit your BAS on time.
- ABN & GST Registration – Let us handle the registration process for you, ensuring you meet all legal requirements.
- Cloud Accounting Support – As a MYOB Partner, Xero Certified Advisor, and QuickBooks Online Advanced Certified Advisor, we can help you manage your finances using the latest cloud accounting software, including MYOB Essentials and QuickBooks Self-Employed.
Easy Online Tax Lodgement
Lodging your sole trader tax return has never been easier. With Ample Finance, you can complete the process online through our secure and user-friendly portal. Our team is available to provide guidance and answer any questions along the way.
Get in Touch with Ample Finance
We are committed to providing exceptional client service with personalised & practical advice. Our expert team ensures your sole trader tax affairs are managed efficiently so you can focus on growing your business.
Ample Finance values your client experience. We endeavour to provide personalised and constructive advice and we pride ourselves on our speed and efficiency. Please don’t hesitate to contact us in person at our Melbourne office, through email at info@amplefinance.com or book an appointment with our registered tax agent at (03) 9988 2911.
