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This was so informative and straight to the point! I've been using an accountant for the past couple of years but it was getting to the point where I was just doing all the work and I'm basically paying them to submit my return for me 😅
Thank you! 💙 I needed someone to baby me through these steps - so much better than the ATO video ✌- hopefully one day Australia will have no personal income tax 🤣🤞
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!
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?
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!
Thanks a lot. What type of Main business or professional activity is an Esty seller. Nothing is coming up for Retail Online, E-commerce. the closest that popped up in the drop down menu was Retail commission based Buying/selling N.E.C
I would try searching for the type of product you selling and add retailing. For example if you are selling art and craft on Etsy you could pick “42799 art and craft retailing” or “42799 craft goods retailing”. Getting close is sufficient for the main activity.
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
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.
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 ..
Hi Dan, thank you very much for your video. I am wondering how to trace a Personal Income Tax Return statement before finalizing my Individual Tax Return. I am a self-employed bookkeeper and have an ABN. Currently, I am studying at university, doing some part-time bookkeeping work, and receiving part of the JobSeeker payment. I always file my Individual Tax Return on time. Today, I received a phone call from Centrelink asking for my Personal Income Tax Returns from 2021 to 2023. Could you advise me on how to obtain these documents?
Hi there. That is strange Centrelink have asked for copies. Have you lodged those tax returns for the years requested? As Centrelink are a federal agency, they can usually obtain lodged tax returns from the ATO if you have already lodged them. Also, if you are registered with myGov they contact you over that portal for certain request as it is more secure. I suggest that you check you are not being scammed by contacting Centrelink on their main contact number first before sharing any details.
It’s possible depending on business usage and records kept. You would need to calculate the business portion and declare it as an other business expense.
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?
@@MoneywithDanthis is question I am about to ask. What if I lodged with value includes GST, can I amend it now after lodgement or I can claim as tax loss when doing tax return for next year as sole trader? Thank you in advance
![Everyday Tax Write Offs for Small Businesses! [24 hr Challenge]](http://i.ytimg.com/vi/vtbh6QJBqzs/mqdefault.jpg)
Xero is the accounting software you need to manage invoices, track expenses, and reconcile bank transactions effortlessly. It’s user-friendly and saves you time. Plus, sign up using this link to get 75% off your subscription for the first 6 months: xero5440.partnerlinks.io/i3uoj1lbnz1u
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!!!!
Thanks so much for your kind comment! Best wishes with completing the rest!
This was so informative and straight to the point! I've been using an accountant for the past couple of years but it was getting to the point where I was just doing all the work and I'm basically paying them to submit my return for me 😅
Glad this helps
Thank you! 💙 I needed someone to baby me through these steps - so much better than the ATO video ✌- hopefully one day Australia will have no personal income tax 🤣🤞
Glad it helped! One day maybe 😀
Great tutorial Dan, helped heaps cheers.
Thanks so much!
This was so helpful and saved me a lot of stress. Thank you so much.
Glad it helped!
Thank you Dan. Your video really helped.
Thanks so much!
Liked and subscribed, thank you for saving my sanity!
Glad I could help!
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!
Glad it helped!
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?
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!
Good video thank you
Thanks so much
Thanks, Dan
Thank you!
Thanks a lot. What type of Main business or professional activity is an Esty seller. Nothing is coming up for Retail Online, E-commerce. the closest that popped up in the drop down menu was Retail commission based Buying/selling N.E.C
I would try searching for the type of product you selling and add retailing. For example if you are selling art and craft on Etsy you could pick “42799 art and craft retailing” or “42799 craft goods retailing”. Getting close is sufficient for the main activity.
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
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.
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 ..
@@chrisandrews253 thanks for watching, that would likely be all PSI.
@@MoneywithDan thank you, i was about to ask this question too as a support worker but now i don't have to 🙂
Hi Dan, thank you very much for your video. I am wondering how to trace a Personal Income Tax Return statement before finalizing my Individual Tax Return. I am a self-employed bookkeeper and have an ABN. Currently, I am studying at university, doing some part-time bookkeeping work, and receiving part of the JobSeeker payment. I always file my Individual Tax Return on time. Today, I received a phone call from Centrelink asking for my Personal Income Tax Returns from 2021 to 2023. Could you advise me on how to obtain these documents?
Hi there. That is strange Centrelink have asked for copies. Have you lodged those tax returns for the years requested? As Centrelink are a federal agency, they can usually obtain lodged tax returns from the ATO if you have already lodged them. Also, if you are registered with myGov they contact you over that portal for certain request as it is more secure.
I suggest that you check you are not being scammed by contacting Centrelink on their main contact number first before sharing any details.
@@MoneywithDan Thanks Dan, I really appreciate your suggestion.
Did you both get on the sesh the night before? Couple blobs melting away
Thanks for watching!
Can I claim a phone that I bought? I use it for both private and business. How would I calculate that? And where would I input it under?
It’s possible depending on business usage and records kept. You would need to calculate the business portion and declare it as an other business expense.
@@MoneywithDan Thank you.
Legend, thank you!
Thanks for your support!
can you make one video for uber driver pls
It’s all very similar. Your individual circumstances make the difference.
so if i do door dash deliveries would that be a labour hire company?
The PSI tool should be able to help answer that question for you personally. There is no one size fits all answer.
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?
exclude GST from all the numbers
@@MoneywithDanthis is question I am about to ask. What if I lodged with value includes GST, can I amend it now after lodgement or I can claim as tax loss when doing tax return for next year as sole trader? Thank you in advance
@@lydialin2117you need to amend your tax return
Thankyou
If you're doing Uber Eats, do you have to put tax withheld or is it $0?
If they withheld tax they should issue you a PAYG W statement. That should indicate what needs to be entered there.