Australian Tax Return 2020 Walkthrough | Self-Employed Freelancer Sole Trader

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3 жыл бұрын

In this video I'll be walking you through how I filed my Australian tax return for my sole trader business. I couldn't find any material on how it works for cases popular in software development, so I figured I'd make a tutorial to show how easy it works.
ACCESS MYGOV HERE
my.gov.au/
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DISCLAIMER: I am not a tax professional, I'm just some guy on the internet, so always double check things yourself, and if you can, hire a good tax professional. By good - I mean, get one personally recommended from mate, as even accountants make mistakes - especially if they're overloaded with work during tax return season.
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Пікірлер: 75

@yasminiagatha5012 Жыл бұрын

Third year that I come back to this video to be able to do my own tax. Thank you so much for all your help, and for going direct to the point.

@woody-5753 Жыл бұрын

Hahaha this is my third year coming back aswell 😂

@AliceCastaldi Жыл бұрын

Seriously you are a legend for making this video!! I watched dozens (DOZENS) of videos before this one. Your step by step instructions and actually showing what the screen looks like made it so easy to understand and follow… THANK YOU so much for helping out clueless people like myself 😬

@xcreate Жыл бұрын

Glad to help mate

@user-qe5lx5tn3n Жыл бұрын

Thank you so much for this tutorial. I'm a new delivery gig driver and had no idea how to lodge it all with the ATO, you made it easy peasy 😊 thank you again and I hope you have a great rest of 2023

@coopequestrian Жыл бұрын

Thank you so much!! I'm a freelance musician with a lot of invoices, and embarrassingly bad with tax. This answered all my questions!

@leighvalentine7054 Жыл бұрын

You are amazing, you were so easy to follow - much appreciated. Thank you

@jarednsmith 2 жыл бұрын

Thank you very much. Very helpful. The walkthrough was a huge help.

@lanareneemakeupartist3700 Күн бұрын

I just done my tax return thanks to you!! That was so easy to follow! Thank you!!

@thykapow 3 жыл бұрын

Thank you! This helped, its a lot easier than I thought!

@becs8143 11 ай бұрын

Thanks for this! Closest thing I could find for sole trader tax return how-to for 2023. I felt some sections were glossed over a little too quickly, but other than that it was reasonably helpful, thanks.

@Muckymuckmuck 4 ай бұрын

It took me a while to find your video again but it was worth the search. 3rd time I've used it. You're excellent at this and saved me so much stress and anxiety. Thank you, thank you, thank you

@Vishalkumar-bq8qv 11 ай бұрын

Thanks a lot, I have just done tax return by myself really helpful video and cleared all the doubts in every steps in this video.

@beepboop1897 Жыл бұрын

Thank you so so so much for making this video! Saved me so much stress!! Very helpful

@OZTutoh 3 жыл бұрын

It took a little bumbling (like adding my sole customer as a payee when I didn't need to) but I got through it! Thank you!

@xcreate 2 жыл бұрын

Congrats mate

@mitchamethyst3055 3 жыл бұрын

Thank you for this video, it was super helpful!!

@Eva-zh8gs 3 жыл бұрын

Thanks alot for this info!! Now, I have one question. If I have a loss from last financial year, should I put that amount in 'Deferred non-commercial business losses from a prior year' ?

@sarahporthouse6612 2 жыл бұрын

Thank you so much! This was so very helpful

@sunchu2420 21 күн бұрын

I really appreciate your video. Really helpful!!

@alenaragozina3954 Жыл бұрын

You’re amazing! Very positive and helpful 😄💪💪

@MDanimations44 2 жыл бұрын

Thanks for this video, it was very helpful!

@3travelog Жыл бұрын

Thanks for this video - helped me to submit my first year as a sole trader in AU!

@xcreate Жыл бұрын

Congrats mate

@FunnyCatsDogscompilation 3 жыл бұрын

Hi, where can I find your bookkeeping video please? Thanks for sharing very useful information for tax judgement!

@mk-a7396 3 жыл бұрын

Very helpful, thank you so much!

@Noeline999 11 ай бұрын

At 10.09 in video, the Remaining net non primary production income or loss from business... is this the figure when you take you earnings and subtract your expenditures? I have a loss so it's in the negative. How do you put a negative amount in there?

@KirileeCosplay 3 жыл бұрын

That really helped me! Thank you!

@natalieroberts5238 Жыл бұрын

Thank U so much,this was unbelievabley helpful

@yaccfonoti 6 ай бұрын

this is so handy bro thank you.

@snezhanafiuortt9859 9 ай бұрын

Thank you for this video!

@geonungbae2788 3 жыл бұрын

so much helpful. really appreciate it.

@shaynemitchell5180 2 жыл бұрын

Thank you very much, it was very helpful

@lee.j 9 ай бұрын

Thankyou so much for this!

@PittwaterMowing Жыл бұрын

Nice walk through Thanks mate

@sleepmares 2 жыл бұрын

But what if I gotta do a personal tax return because I earned wages too and also a business because I did earn just a little bit but I want to claim the expenses I spent on my business? Can I do both or what please help?

@user-vx6vb3jx1j 10 ай бұрын

what should i do if i have was trading with 2 different ABN numbers ?

@JanettaLeota 3 жыл бұрын

Thanks heaps helped heaps. Great video and funny

@mojtabaseyedi5 Жыл бұрын

LOVE this dude :))

@christinastanley8392 Жыл бұрын

Excellent video. Thank you.

@claudiaprestipino Жыл бұрын

you are awesome, this was a great video

@mouseyshow589 Жыл бұрын

Dear Sir. You saved me. Thank you so so much.

@catasoto1766 11 ай бұрын

Great explanation 👌 thank you

@NaturesSounds432hz Жыл бұрын

Do u have a video on how to create a spread for tax sole trader.???

@handoko2020 2 жыл бұрын

I'm pretty sure that PayPal is only what you receive as gross, thus don't forget to expense any PayPal fees to receive those gross amounts. You can also pay yourself super (which is an expense up to $25k per year? from 2018-19) which is taxed at 15%? I know you can do this is in company level, not sure if you can do the same in sole trading level?

@emmanico7060 2 жыл бұрын

thank you!!! veryy helpful

@olliee2353 Жыл бұрын

In the expenses section is that just all your costs of business, like stock etc?

@_Chris_D_3004 2 жыл бұрын

Hi mate, can you claim post office payments. For example sending items you've sold and driving to post office etc

@melohelloo1248 2 жыл бұрын

Yes you can if you have good bookkeeping 🤝🏾

@ricardotrincado5060 9 ай бұрын

Thank you very much for helping me out another tax year. This video it's my yearly salvation!!!

@xcreate 9 ай бұрын

I look back to it myself when doing my taxes too. Will hopefully update it next year with more things you can include, eg. foreign income.

@cptbrncls7050 2 жыл бұрын

Thanks for this! (I'm so friggin' late and trying to save $600 for two years worth because of COVID)

@ricardotrincado5060 Жыл бұрын

Thank you very much. this video is way better than the ones provided by Ato.

@sally-anneconboy9681 9 ай бұрын

I have a sole trader business , I also have done a little door dash over the holidays. When you mention about "number of business activities" , Do I add 1 or 2 ? TIA for your help

@xcreate 9 ай бұрын

I'm not an accountant, so it's best to ask the ATO directly here: www.ato.gov.au/About-ATO/Contact-us/Live-chat/ There's also a community answer here: community.ato.gov.au/s/question/a0J9s0000001K3s/p00053418 But as a layman, from my understanding it means how you seperate the operations out. Eg. if you have a specific bank account for the sole trader business that specifically deals in something specific, then I'd put two. But, if you're a general contractor that's just picking up different shifts at different gigs to make money, then I'd assume one. Let me know how you get on.

@erin2535 2 жыл бұрын

Great video! Yes please to bookkeeping video!

@radj4719 11 ай бұрын

Thanks heaps , you just saved me $300 but i did had to watch it like 5 times 🙂

@siennaunknown2674 3 жыл бұрын

Definitely should do the bookkeeping video!

@lilyhenebery1029 2 жыл бұрын

Yesss! Please a book keeping video 😍

@isrnmn 2 жыл бұрын

Thank you!

@robbieaussievic Жыл бұрын

..... Well done Mate, Update for 2022. Disaster payments are included as business income, and recorded in the section 'Assessable government industry payments'.

@babrae 6 ай бұрын

We could not see some of the screen part properly

@alexngan1974 3 жыл бұрын

Thank you

@96DanielWest 22 күн бұрын

We're back again.

@a.w117 2 жыл бұрын

Can you make a bookkeeping video please

@aashishbhai1724 2 жыл бұрын

you should have showed screen more than your face mate :D

@pravuchaudhary3904 3 жыл бұрын

focus camera more on screen!!!!!!!

@gort3969 3 жыл бұрын

You forgot the gst

@stevenchandra9927 Жыл бұрын

Hi any guide to fill uber eats tax return? Im stuck

@NaturesSounds432hz Жыл бұрын

😂ur funny

@suhaibhayajneh3576 2 жыл бұрын

smatch video

@govga504 2 жыл бұрын

You need to show the screen and not your face. You can show your photo.

@zafran20 2 жыл бұрын

Perhaps he doesnt want you seeing all his financial details?

@maddm6668 Жыл бұрын

This is the first time I have been a sole trader. I have a very small Sole trader operation that I'm hoping to zero out for taxes. As I put in my assets for deductions vs what I have earnt, will it calculate the remainder (or at least how much I can claim on my deductions) in real time? Or will I find out at lodgement?