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  • #978990
    RonnRR
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    Hi Guys,

    I have started a business/ hobby late last year, and was wondering would anyone please be able to give me some clarification on which forms I would need to to fill out, if I was to do my own annual business tax return as a sole trader.

    I would like to of gone to an accountant but at this stage the business has not generated enough net income to pay someone for that service.

    So far to date I have around $21,000 in gross sales for this financial year, I have been reporting PAYG GST quarterly.

    Any help would be much appreciated : )

    Thanks in advance

    Ron

    #1111292
    ntgd
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    Ron,

    At minimal you need to fill in item P1 to P8 which are the business related items. You net profit amount also need to be shown on item 15.

    If you have a loss then there are other boxes to fill and might need to know your situation to fill in correctly.

    If your record are in good order, you should consider to get an accoutant/tax agent to prepare this year’s tax return so you know what goes where and shouldn’t cost too much, then next year and onward if you feel you are comfortable enough then you can do it yourself.

    I do still suggest you find an accountant that you are happy and comfortable with he/she will be a good mentor to guide you on your business. Good accountant should be more than just preparing numbers, they should understand how you operate your business and offer advise to make improvements.

    Besh wishes for you business.

    #1111293
    TehCamel
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    an accountant really isn’t that much of an expense – it seems like it initially, but mine has already identified more in deductions and expenses than it will cost me to pay him..

    not only that, but he’s given me a whole bunch of advice for the coming year. A good accountant isn’t an expense, but an asset that is worth paying for..

    #1111294
    Divert To Mobile
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    TehCamel, post: 123817 wrote:
    an accountant really isn’t that much of an expense – it seems like it initially, but mine has already identified more in deductions and expenses than it will cost me to pay him..

    not only that, but he’s given me a whole bunch of advice for the coming year. A good accountant isn’t an expense, but an asset that is worth paying for..

    Too true, the hard part is filtering through the form filling accountants and finding one who is keen to minimise your tax payable.

    Why did you decide to register for GST ? at 21k your way below the threshold.

    Steve

    #1111295
    Past-Member
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    I would really encourage you to get an Accountant. It will make a difference to future tax returns as well. The expense is worth it and totally deductible. It will be under $500 for someone at your level and be worth it. They will know what is deductible, what is transferable to a following year and more.

    Cheers.

    #1111296
    AGMBris
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    Hi

    I would agree with many members. It would be so benefitial to get an Accountant and you should be able to keep the cost within $500 to $750. Why:

    – you will not be able to cover the ground and legislation that they can, quickly,
    – your time is far more valuable put into the focal point, the business.
    – it may set up processes that enhance your business from the knowledge they have in the field.

    I know it can be really difficult from a cash flow point of view but from experience, it will be worth the difficult step. The things you set in place now can determine the future of your business.

    Good luck!

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