Resources
Sole trader records
Keep these through the year and tax time becomes quick, accurate and far cheaper than a shoebox of receipts in June.
Important: These resources are provided to help you gather information and maintain records for your tax return. They are general in nature and are not tax advice. Whether an expense is deductible depends on your individual circumstances and the requirements of Australian tax law. Tax Insights will review all information before preparing your tax return.
Income
- Invoices issued, with dates and amounts
- Bank statements for the account your business income lands in
- Records of cash jobs. Yes, they count
Expenses
- Receipts for equipment, materials, software and subscriptions
- Vehicle costs plus a 12 week logbook if the ute or car does business work
- Home office running costs and hours
- Insurance, licences and professional memberships
Obligations to track
- GST collected and paid if you are registered, along with your BAS reporting obligations (monthly, quarterly or annually depending on your circumstances)
- PAYG instalments the ATO asks you to prepay
- Superannuation for yourself, which is optional and may have tax benefits worth discussing
A simple system
- One business bank account, one folder of digital receipts, ten minutes a week. That is genuinely all most sole traders need. We can help you set it up.
General information only. Whether an item applies to you depends on your circumstances. Ask us if you are unsure.
Want it done for you?
Send us this list and we take it from there. Fixed fee, quoted first.