What Expenses Can A Sole Trader Claim
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- Опубликовано: 23 июл 2024
- As a Sole Trader, claiming the correct deductions is key to making sure you are optimising your tax return. In today’s video, I go through what a sole trader can claim on their tax return.
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⌚️Timestamps
0:00 Sole Trader Tax Deductions
1:10 Day to Day Expenses
2:55 Cost of Goods Sold
4:25 Capital Expenses
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Ethan 'Rooshock' (Rucioch) is an Australian business owner in his late 20's. He is the owner and director of Rooshock Accounting, an accounting firm. He is also the creator of an NFT project, Rooshocks. In his spare time, he enjoys travelling, spending time with his family and watching countless hours of sport. On this channel you will find a range of different content, including personal finance, business advice, tax tips, crypto tax tips, NFT discussions and even Ethan analysing some popular TV show businesses from an accountant’s perspective.
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Disclaimer
Every effort has been made to ensure that the information in this video is accurate. The information in this video and on this RUclips channel is for entertainment and general information purposes only. It should not be taken as constituting professional advice. You should not rely on it as financial, legal or tax advice. There are always risks in any financial decision and all decisions should be made on an individual basis. You should conduct your own research and seek independent professional advice where needed. Some of the links in this video or video description may be affiliate links. Ethan Rucioch, Rooshock Enterprises Pty Ltd, Rooshocks NFT Pty Ltd or any other related party may receive a commission through these.
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#soletrader #soletradertax #soletraderdeductions
What other small business tax topics do you want to see me cover?
Family trust with a small company
Awesome videos man super helpful, makes it so much easier to understand , just subscribed ! Keep them coming 🙌
Thanks!
Thank you mate
No worries!
Thnx 🙏
All good!
thanks! so smart
No worries!
Thanks for the info mate,
so just to clarify when buying inventory for a store, you cant claim the full amount of the inventory, only if it has sold?
Yeah it goes on a Cost of Goods Sold method. I have a full video on this topic on my channel.
Your video is very helpful, do you have video on how much percent a sole trader pay for the tax.
Thanks! No I don't currently.
what about for selling stuff online like print on demand. Can you claim subscription to app that are used for the business?
Are you using the app within the business? if yes, then it is claimable. Do you use the expense personally? Then you need to adjust for a private use portion.
I've been watching your videos and they've been really helpful! But I have a question and not sure if it'd make for a good video.
I bought tools for personal use a year ago but now I want to start my own business and have these tools as assets in the business (I have all receipts). Can I claim the full value or a deprecated value? Or can I no longer claim these as an expense?
If you purchased something prior to the business existing, you can't claim it in most circumstances.
Bummer!
Keep up the good work though 👍
Can you do a topic on side hustles just starting out buying equipment but not yet able to make a income yet? Can capital expenses be claimed later when you make an income?
Have a look at my video on Non Commercial Loss rules.
Please answer this question. A sola trader like a contractor can include in expense persone development Training cost for his business?
Do you meet all the things I discussed in this video?
hi bro please explain cleaning businesses which best company or sole trader
Have you asked your tax agent/accountant?
Can you purchase’s things off marketplace? For the business as a write off ?
Yes but you still need some form of record.
I thought all sole traders did their business as a cash basis and company structure as accrual method
Probably that would be how most do it but not all would.