Being a sole trader entails you to a multitude of responsibilities, one of which is lodging your tax return. At Tax Solutions Group we have designed three tax return options for sole traders depending on your income, operational car usage and volume of staff.
If you are a tradesperson, general labourer or an uber driver – simple sole trader tax return could be your option. This tax return is for those who earn less than $75,0000 p.a. and employ other people.
If your annual turnover is more than $75,000, you must register for GST and pay it. If you are not sure that your business can achieve this revenue threshold registration is optional – but you need to continue monitoring your turnover and lodge your registration papers as soon as practicable.
The next level or GST registered tax return is offered to sole traders that meet the following criteria: income is greater than $75,000, up to 5 employees, and completed business logbook. Starting price is only $295.
For larger businesses with a turnover greater than $75,000, more than 5 employees employed and a business log book present, we are happy to provide complex sole trader tax returns.