At TMS Financials, we simplify your sole trader tax return, ensuring you understand and meet your tax obligations with ease. As a registered tax agent, we guide you through the intricacies of the Goods and Services Tax, payroll tax, and help you claim all the deductions you’re entitled to, ultimately reducing your taxable income and ensuring you pay the correct amount of tax.
We recognise that your personal and business finances are intertwined. Managing your taxes as a sole trader involves maintaining precise records of your business income, expenses, and GST via your Business Activity Statements. Our team supports you in staying compliant with your tax duties, from vehicle costs to home office expenses, ensuring you make the most of every tax deduction available.
Partnering with TMS Financials means you receive dedicated support to effectively manage your tax situation, allowing you to focus more on growing your business. We assist in everything from establishing a business bank account to understanding your super obligations, preparing you for tax time and ensuring you lodge your tax returns accurately and on time.
How TMS Financials can help with your sole trader tax return
Assessing your tax obligations
Lodging your sole tax return
Tracking deadlines
Maximising your tax deductions
Lodge Your Sole Trader Tax Returns with TMS Financials
We’re an Australian tax accounting firm with 30+ years of experience serving business owners and investors. Our reputation for reliability and exceptional client service is built on providing accurate financial advice and asset protection. We remain committed to serving our clients with integrity, professionalism, and quality, and have the expertise to help you succeed.
TMS Financials is online now
![Frame 53126](https://www.tmsfinancial.com.au/wp-content/uploads/2024/04/Frame-53126.png)
INDUSTRY ASSOCIATIONS
TMS Financials is a proud member of the following
![our-credential-logos](https://www.tmsfinancial.com.au/wp-content/uploads/2023/03/our-credential-logos.jpg)
![](https://www.tmsfinancial.com.au/wp-content/uploads/2023/04/Eng-Hshot-final-1.png)
Eng Sivieng
Principal of TMS Financials
We strive to build long-term relationships with our clients and to be a trusted advisor for all their financial needs.
Effective management of Sole Trader Tax Returns
Streamlining financial management for Sole Traders
Strategic Tax Planning for Sole Traders
Managing your sole trader business effectively requires thoughtful planning, particularly regarding taxation. Our method involves a detailed analysis of your business transactions to pinpoint opportunities for increased efficiency and adherence to tax laws. Whether you’re starting out or are an established entrepreneur, our aim is to streamline the tax return process for you. This allows you to concentrate on achieving your business goals while ensuring precise and timely compliance with tax regulations.
Sole Trader tax return due date
In Australia, the financial year for sole traders spans from 1 July to 30 June the following year. If you’re managing your own sole trader tax return, it must be submitted by 31 October, unless otherwise directed by the Australian Taxation Office (ATO). Using a registered tax agent can provide more flexibility; they will notify you of the specific due date applicable to you.
Understanding tax return penalties for Sole Traders
Failure to Lodge on Time penalty
Interest on outstanding debt
In addition to late lodgement penalties, the ATO can charge interest on any tax debt that isn’t paid on time. The longer your tax remains unpaid, the greater the amount you might owe due to accruing interest charges.
Legal action
Registering for Goods and Services Tax (GST)
Advantages of paying tax as a Sole Trader:
Tax-Free Threshold
Simplified Tax Lodgement
Small Business Income Tax Offset
Cost and Management
Disadvantages of paying tax as a Sole Trader
Disclaimer
Contact us today for a consultation.
Contact us today to learn more about how our accounting services can benefit your business. We look forward to hearing from you and helping you achieve financial success!