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James Millar
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ccastell88, post: 269429, member: 48167 wrote:
Hi Guys,

Running an online business/website as a sole trader (20 hours a week – working from home) + work full time

2016: Income $1k Expenses $2k
2017: Income $7k Expenses $25k
2018: Income $3k Expenses $12k
2019: Income $31k Expenses $25k

Expenses: Hosting, software, writers, sub-contractors (e.g. Upwork), sub-contactor (fiverr)

Any tips on how to navigate my 2019 tax return, in terms of the current loss and also previous ones?

Cheers.

1. On those figures you made a current year profit not loss.

2. Did you complete the prior 3 years non commercial losses details correctly in those returns? If you did you can claim against the profit in 2019. If you didn’t you may be able to amend prior returns first. Subject to time limits.

3. If an accountant prepared these returns them I presume done correctly no problem. if you prepared these returns and didn’t report correctly then you may be paying some tax your could have otherwise avoided.

Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900