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Join Date: Apr 2012
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| | Simple tax question for sole trader
I have just started doing some freelance work as a sole trader, and have a (very basic) question about what to claim for tax. I have an ABN but don't need to charge GST because I'm not carrying on an enterprise.
I got paid $500 for a service, but there was a $300 external cost which I paid for.
a) Claim $500 income, and $300 deduction. Or
b) Claim $200 income
I guess I'm asking whether you claim your revenue or profit?
Any intro reading, links etc for freelancer tax info would be fantastic. As you can tell from the question, I need all the info I can get!
Thanks in advance!