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Sole Trader
I use a Sole trader and PAYG with my employer. Meaning some goes through their books as wages and some goes through as a sole trader ABN tax invoice. I am under 75k total.
I am a bit confused it the paperwork that I need to submit to the ATO. I am registered with an ABN and IAS Instalment Activity Statement. I don’t collect GST from my employer so, do I just return the IAS with $0 collected and return it to the ATO? And do I use the “Tax return for individuals” including my PAYG wages plus sole trader income on the same return? I have purchased the Tax Module so I know that part of filling it out together with the documents to include to get my tax back. Cheers Dave
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1 Reply
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Hi Dave,
All of your activities listed in your question are in the public realm.
I would watch the Mini Course – Foundational Knowledge (under the knowledge tab)
Also, being self employed, I would recommend watching modules below
(under the knowledge tab – scroll down to see the page to see the video)
Module 1B – Steps in the Transition from the Public to the Private Realm (Part 1)
In the Private Realm, you could have a Non-registered trust ($1,650) and funnel the cash that does not have any GST added to the sale or service into that account. Because the cash is for your sustenance (not income – dangerous word) it is outside the ATO. (under resources tab you can read up and watch videos on how trusts work. See if it would benefit you)
When you have an ABN – that is public
When you have a bank account the ATO can see that too.
When you have an employer they can see that too. The tax module can show you how to fill that in.
Cheers, Cherie
PS. After you have done some research and you still have questions. Ask Mark in the Wednesday night Q&A.
solutionsempowerment.org
Module 1D – Integrate Running Your Business In The Public With The Private Realm And How To Run A Business In the Private Realm – SolutionsEmpowerment.org