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Sh33py
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mark_xpnsit, post: 51131 wrote:
Not sure if you’ve spoken with your accountant yet or not but as a sole trader the ATO would be interested in your total taxable income.

Income from job minus expenses and deductions (of which there are many)

+

Profit from business after all deductions and expenses

= taxable income

Deductions and allowances are slightly different as a sole trader (work in your favour)

Hope that helps!

Cheers, Mark!

Very to the point, thank you and I am going to organize someone from the ATO to come and fill my mind with all different numbers and variables. Saw about the free service they provide through the website. Where would I be without you guys!.