Sole Trader Tax Return
Sole Trader Tax Return in Australia
Running a business in Australia means dealing with some of the most complex tax obligations in the system. Business activity statements, income tax returns, payroll tax, superannuation, GST, and ATO compliance requirements all need to be managed correctly. The consequences of getting it wrong can be costly.
We dig deep to claim every dollar you're entitled to—so nothing’s left behind.
Team NextGen is powered by Chartered Accountants and CPAs with deep expertise
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- Who We Help
Tax Returns for Every Sole Trader
Tax NextGen handles small business tax returns in Australia across all entity types. Whether you have just started out or have been operating for years, we have the expertise to manage your obligations accurately and efficiently.
Sole Traders
Your business income and expenses are reported in your personal return. We ensure every legitimate deduction is captured and lodged correctly — including depreciation, GST, and home office.
Companies
Companies lodge a separate company tax return and pay tax at the corporate rate. We manage the interaction between company income, director wages, dividends, and franking credits to optimise your structure.
Partnerships
A partnership must lodge its own tax return each year. We prepare both the partnership return and individual returns for each partner — ensuring correct income distribution and lodgement.
Trusts
Trusts require a trust tax return each year plus individual returns for each beneficiary. We handle trust distributions and income streaming with the precision these structures require.
- Deductions
What Your Sole Trader Tax Return Should Include
One of the most common issues we see in sole trader tax return in Australia is missed or incorrectly claimed deductions. Here is what a thorough business return should capture.
Operating Expenses
- Rent and occupancy costs for business premises
- Insurance premiums — business, public liability, professional indemnity
- Advertising, marketing, and website costs
- Accounting, legal, and professional service fees
- Subscriptions and software used for business purposes
- Bank fees and merchant charges
Vehicle, Travel & Assets
- Motor vehicle expenses — logbook or cents-per-kilometre method
- Business travel including flights, accommodation, and meals
- Immediate deduction for eligible assets under instant asset write-off
- Depreciation on assets not qualifying for immediate deduction
- Home office — rent, mortgage interest, rates, utilities (proportionate)
Small Business Tax Concessions
- If your aggregated annual turnover is under $10 million, you may be eligible for:
- Instant asset write-of
- Simplified depreciation rules
- Small business income tax offset
- Reduced 25% company tax rate
- Simplified trading stock rules
- CGT concessions on sale of assets
Our small business tax accountants review eligibility for every applicable concession as a standard part of preparing your return.
- WHAT WE HANDLE
What Our Sole Trader Tax Accountants Take Care Of
A Sole Trader Tax Return in Australia involves more than a single lodgement. Our team manages every component of your business tax obligations from start to finish.
Annual
Income Tax Returns
Annual returns for all entity types. Correct categorisation of all business expenses, depreciation schedules, small business tax concessions, loss carry-back provisions, and director loan accounts.
Quarterly / Monthly
GST & Business Activity Statements
Quarterly or monthly BAS preparation and lodgement. GST registration, mixed use apportionment, PAYG withholding obligations for businesses with employees, and fuel tax credits where applicable.
Ongoing
Superannuation
Superannuation guarantee compliance for employees, concessional contribution deductions for self-employed individuals, and super fund selection and clearing house lodgements.
Annual / Ongoing
Payroll & Fringe Benefits
PAYG withholding obligations and payment summaries, fringe benefits tax (FBT) returns where applicable, and Single Touch Payroll (STP) compliance for businesses with employees.
- HOW IT WORKS
How to Lodge Your Sole Trader Tax Return With Tax NextGen
Step 1
Book a Free Consultation
Select Sole Trader Tax Return as your service and choose a time that works for you. Let us know your business structure when you book so we can match you with the right consultant.
Step 2
Speak With a Registered Tax Agent
One of our qualified sole trader tax accountants will call you at the agreed time. We will review your income, expenses, structure, and obligations for the year. For more complex situations, we may request documents to review before preparing your return.
Step 3
We Prepare, You Approve, We Lodge
We prepare your complete Sole Trader Tax Return, walk you through it before lodgement, and handle the submission to the ATO. We also flag any upcoming obligations or planning opportunities for the year ahead.
- WHY TAX NEXTGEN
Why Sole Traders Choose Tax NextGen
Qualified and registered
Every business return is prepared by a Chartered Accountant or CPA. We are a registered tax agent practice authorised to lodge on your behalf.
We understand small business
We are a small business too. We know the time pressures, the cash flow concerns, and the complexity that comes with running your own operation. We do not treat your return like a commodity
Full-scope service
We respect that business owners are busy. We work efficiently and keep you informed throughout the process.
Proactive advice
We do not just lodge and disappear. We flag opportunities, concessions, and potential issues as part of every engagement.
Transparent pricing
Our fees are agreed upfront based on your business type and complexity. No hourly billing surprises.
Fast
We respect that business owners are busy. We work efficiently and keep you informed throughout the process.
- REVIEWS
What Our Clients Say
Our business clients stay with us because they trust us to get it right every year. Here is what they say about working with Tax NextGen.
- FAQ
Frequently Asked Questions
1. When is the deadline for business tax returns in Australia?
For businesses lodging through a registered tax agent, the standard lodgement deadline is 15 May of the following year. Sole traders lodging individually have a 31 October deadline. If you have outstanding returns from prior years, different rules may apply. Contact us early to ensure your deadlines are managed correctly.
2. What is the company tax rate in Australia?
For the 2024-25 financial year, the standard company tax rate is 30%. However, companies that qualify as a base rate entity, meaning they have an aggregated turnover of less than $50 million and no more than 80% of their income from passive sources, pay a reduced rate of 25%. Our small business tax accountants will confirm which rate applies to your company and structure your return accordingly.
3. Do I need to lodge a BAS as well as a business tax return?
4. Can I claim my home office as a business deduction?
Yes, if you genuinely operate your business from a dedicated space in your home, you can claim occupancy costs including a proportion of rent or mortgage interest, rates, insurance, and utilities. The calculations must be done correctly to comply with ATO requirements. We work through this with every business client who operates from home.
5. What records do I need to keep for my business tax return?
6. What happens if I lodge my business tax return late?
7. How much does a business tax return cost with Tax NextGen?
Our fees depend on your business structure and the complexity of your affairs. Sole trader returns are priced differently from company or trust returns. We provide a clear fee quote before we begin, with no hidden charges. Contact us for a quote specific to your situation.
Ready to Work With a Sole Trader Tax Accountant Who Gets It Right
No cost to consult. Transparent fees. No surprises at lodgement.
