Sole Trader Tax Return: Step-by-Step Guide using MyGov

Рет қаралды 9,152

Күн бұрын

In this Video, I will walk you through step-by-step on how I fill the business income schedule of the Australian Individual tax return as a sole trader using myTax, after linking your myGov account with the ATO, or Australian Tax Office.
Common questions I get asked are "What's myGov" and "How to connect ATO to myGov?" and "how do i link ATO to myGov ?". Also, I often get asked "how do I prepare my tax return in Australia if I earned income from driving for Uber Eats, Uber Ride sharing, Amazon delivery driver, or selling products on eBay or Etsy". Sometimes its I'm an Instagram influencer or a KZfaqr or an artist. Then I get asked, is this business income and do I declare it as employment income, personal service income (PSI) or business income? Hopefully this video will guide you to where you can find the answers.
LINKS
💰 Use SHARESIGHT to track your shares - www.sharesight.com/moneywithdan/
(BONUS When you signup using this link, the first 4 months of subscription are free if you choose to upgrade to advanced plan and I may get a small my commission at no extra cost to you, so we both win!)
💰 The Excel Template that I use to track my taxes can also be purchased at my online store here: www.etsy.com/au/shop/MoneyWit...
💰 Capital Gains Tax (CGT) on Shares and ETFs for Beginners | Australia 2022 Tax Return • Capital Gains Tax (CGT...
💰 PAYG Withholding Variation for beginners • PAYG Withholding Varia...
CHAPTERS
0:00 Intro
0:23 Sole Trader Tax Return for individuals and updating details
1:18 Australian Resident for Tax Purposes
1:49 Were you a sole trader or had Business income or losses?
3:00 Personal Service Income or PSI Test
6:23 Completing the Business income or loss section of sole trader tax return
7:51 Main business or professional activity
8:11 Status of business
9:12 Net Primary Production or Net Non-primary production?
10:22 Other business income
11:04 Cost of sales
12:17 Other expenses
13:49 Total non-primary production net income or loss from business
14:25 Other business and professional items
14:31 Fixing Errors Messages
14:57 Claim or defer Business Tax losses - PSI vs Non-PSI losses
15:40 Completing the rest of the individual tax return
OTHER VIDEOS
✔️ Link a MyGov Account to the ATO in 2 minutes! • Link a MyGov Account t...
✔️ How to Track Expenses for TAXES Automatically • How to Track Expenses ...
✔️ How to Claim Tax Depreciation in MyGov: A Quick Guide in 3 Minutes • How to Claim Tax Depre...
✔️ Tax File Number (TFN) Declaration Form | Explained | AUSTRALIA only • Tax File Number (TFN) ...
✔️ How to Enter ETF Tax Statement in MyGov Tax Return with no Pre Fill | 2022 Australian Tax Return • How to Enter ETF Tax S...
ATO LINKS
🔗 my.gov.au/
🔗 www.ato.gov.au/Calculators-an...
🔗 MyGov help login.my.gov.au/mygov/content...
🔗 Work from Home Expenses instructions and COVID-19: www.ato.gov.au/general/covid-...
DISCLAIMER: it is important to note that the information in this video is for general information and entertainment purposes only and is not a replacement for professional advice. Money with Dan is not a financial advisor. You should consider seeking independent legal, financial, taxation or other advice to check how the information in this video relates to your unique circumstances.
myGov gives you access to many government online services in one place, including the ATO. You can Link your myGov account to the ATO and you can manage your business and tax online.
How to link ATO with myGov
Sign in to your myGov account then Select the Services tab on the myGov home page.
Under the heading Link a service select Australian Taxation Office and choose Questions specific to you and answer two questions about information relevant to your tax record.
myGov how to link ATO
These steps will demonstrate how to link myGov to ATO step by step
1. Go to my.gov.au and sign into your account
2. Now, navigate to the Services page.
3. On the list of member services, find ‘Australian Taxation Office’ and select to start the linking process.
4. You will need to agree to myGov storing your legal name and date of birth.
5. You will now need to provide additional information to identify your ATO record. You need to confirm your identity by answering a series of questions specific to you.
6. This will include providing your tax file number, given name, surname and date of birth.
7. Enter information carefully and accurately so that it will match your details held by the ATO.
8. Read and agree to the terms and conditions and select ‘Next.’
9. You will also need to answer two questions - specific to you
10. You have successfully linked your myGov account to your ATO record.
Here's how to link ATO to myGov and how to connect myGov to ATO
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Пікірлер: 21

@theobserver9849 9 күн бұрын

After 2 hours of frustration Dan's simple video helped me at least figure out how to enter my income as a delivery driver. You are a legend Dan!!!!

@MoneywithDan 9 күн бұрын

Thanks so much for your kind comment! Best wishes with completing the rest!

@patronise 20 күн бұрын

Legend, thank you!

@MoneywithDan 20 күн бұрын

Thanks for your support!

@babrae 4 ай бұрын

Thankyou

@detree12 2 ай бұрын

Hey mate ! Great video and great channel, if i was employed for the first half of the 2023 financial year and become a sole trader half way through, would i have to submit two tax returns?

@MoneywithDan 2 ай бұрын

Thanks for watching. In short no, only one tax return. You would have income in two sections that addd to one. Also, You will likely have a big tax bill in your first year as a sole trader if you have other income. So keep some money aside to pay it. Also the ATO will want you to start paying PAYG tax instalment each quarter for the new tax year soon after you lodge your tax return so it is a double hit of tax in a short period of time. Best of luck!

@tommystrelnikoff5753 11 күн бұрын

Thanks, bro this came in clutch! I attempted to do this today and couldn't figure out where to simply put my income and expenses because its all labelled funny. I gave up and was looking at an accountant and then found your video!

@MoneywithDan 11 күн бұрын

Glad it helped!

@babrae 4 ай бұрын

Just one question as you said personal service income rule does not apply in your case when you tried and then later on you have ticked yes when it say did you receive any personal service income. Can you explain this to me please thx

@MoneywithDan 4 ай бұрын

Thanks for watching. The PSI income I received was the commission income which was only a portion of my total income. So I did receive “some” PSI, so I ticked yes. However the self assessment tests did not apply after I answered the questions in the self assessment tool, which was i satisfied the results test. I hope that clarifies.

@chrisandrews253 3 ай бұрын

Can you do another video where you cover people who do 100% labour in return for payment? Such as a cleaner or support worker. Where We get 100% of our payment from using our personal effort ..

@MoneywithDan 3 ай бұрын

@@chrisandrews253 thanks for watching, that would likely be all PSI.

@joelh.9742 22 күн бұрын

If I'm a sole trader registered for GST, do I exclude the GST from all the values here? Or do I enter the full amount I was paid and add the GST to deductions?

@MoneywithDan 22 күн бұрын

exclude GST from all the numbers