Home Forums Money matters First year sole trader tax help

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  • #993139
    basq_ayy
    Member
    • Total posts: 1

    Hi All,

    I have registered ABN as a sole trader 2014 August. I am teaching yoga and selling home made food at our local markets.
    I made couples of invoices for my yoga studio ( $3500 ) and made invoice at the end of each market day to keep my income record ($11000 in total). My only cost is all the ingredients to prepare food (5000)

    I haven’t paid any tax yet (I am not even sure if i need to pay). I want to lodge my tax with e-tax program and I keep reading ‘Net income or loss from business’ section and ‘Personal service income’ section. But I couldn’t figure out which box should I enter these income and cost. Can anyone help?

    #1189897
    Anonymous
    Guest
    • Total posts: 11,465

    Hi basq_ayy, and welcome to Flying Solo,

    I’m not the right person to answer your questions, but I’d like to welcome you to the forum.

    I hope that the community here is able to give you the advice you need.

    All the best,
    Jayne

    #1189898
    Past-Member
    Member
    • Total posts: 1,815

    I would like to encourage you to have an Accountant you can talk to. There are many reasons … but include (not in any order)
    – your fee to the Accountant is a direct tax deduction for the following year
    – you have more time to submit your tax return
    – they can help identify deductions you have not thought of including phone/internet/electricity portions etc
    – if you haven’t enough income to pay tax for the year, then some losses can be held over for another year
    These are just some of the reasons.
    You can also call the ATO and ask them for help. But having an Accountant you can trust from the beginning will set you on the right path.
    All the best.

    PS I am NOT an accountant.

    #1189899
    Taxopia
    Member
    • Total posts: 301
    basq_ayy, post: 222829, member: 72537 wrote:
    Hi All,

    I have registered ABN as a sole trader 2014 August. I am teaching yoga and selling home made food at our local markets.
    I made couples of invoices for my yoga studio ( $3500 ) and made invoice at the end of each market day to keep my income record ($11000 in total). My only cost is all the ingredients to prepare food (5000)

    I haven’t paid any tax yet (I am not even sure if i need to pay). I want to lodge my tax with e-tax program and I keep reading ‘Net income or loss from business’ section and ‘Personal service income’ section. But I couldn’t figure out which box should I enter these income and cost. Can anyone help?

    Hi There and welcome. Not sure how you progressed with this but if you still require assistance we can prepare and lodge this for your reasonably inexpensively. Feel free to contact Mr Tax on 03 9005 4905.

    Cheers
    Alex

    #1189900
    LeisaM
    Member
    • Total posts: 32

    Hi there,

    I agree with the advice around getting an accountant to help you out! I’m a sole trader and have just started using a fantastic accountant whose fees are really reasonable given the fantastic service and advice she is providing. Feel free to send me a private message and I will pass her details along, if you like.

    She is based in Melbourne but we’ve completed everything online and over the phone, which has been very efficient.

    Leisa :)

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