Sole trader tax returns

As a sole trader, you understand that time is money, and your business relies on your ability to stay organized and on top of your finances. At Gavin Ma & Co Accountants, we recognize that sole traders are often busy and require more hands-on accounting support. That’s why we offer specialized services to help you manage your business accounting needs and prepare your annual tax return with ease.

Sole traders who receive ABN income are required to lodge a tax return with the ATO each year. However, if your income is less than the tax-free threshold or your business operates at a loss, you may not need to lodge a return.

Preparing a sole trader tax return requires specific knowledge and expertise that not all accountants possess. At Gavin Ma & Co Accountants, we have more than 10 years of experience in preparing personal and business tax returns, including those for sole traders. When you choose to work with us, you can expect the following benefits:

  • We take the time to understand your business and ask all the relevant questions to ensure we claim all the legitimate expenses you are entitled to.
  • We provide you with detailed advice on how to keep accurate business records, which will help you streamline your accounting processes and save time in the long run.
  • We offer advice on when you should consider changing your business structure from a sole trader to a company or trust, which can have significant tax and legal implications.
  • We help you claim all the legitimate expenses, such as concessional contributions, home office, and motor vehicle expenses, to minimize your tax liability.
  • We will minimize your capital gains tax when you sell your sole trader business, ensuring you get the best possible return on your investment.

As a local accounting firm, we understand the importance of having a local presence. That’s why we’re proud to offer our services to businesses in Bentleigh and the surrounding suburbs, including Brighton, Moorabbin, McKinnon, Caulfield, and Oakleigh. We also provide accounting services to clients across Australia and greater Melbourne, so no matter where you are located, we can assist you with all your accounting needs.

In summary, preparing a sole trader tax return can be complex and time-consuming. That’s why it’s important to choose an experienced accounting firm like Gavin Ma & Co Accountants. Our team of experts can provide you with the support and advice you need to ensure your tax return is prepared accurately and efficiently, leaving you more time to focus on running your business.