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Healthy Personal Finances
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With a sole trader – the tax office does not like you operating at a loss (there are several requirements you need to meet before you can claim the loss).
So in general terms, at the end of the financial year your total taxable income is from your salary and wage, plus any profit from the sole trader business.
If sole trader does not make a profit generally you are just taxed on salary income (not able to reduce this by the loss of the sole trader side of things).
The tax rate you pay tax on will depend on your level of income.
Your employer has already paid tax on your behalf from your salary – so depending on the numbers – you might not have any additional tax to pay when you lodge your tax return.
I am unable to provide specific advice without knowing individual circumstances, but happy to provide more advice on email – [email protected]