{"id":269616,"date":"2024-07-08T15:48:16","date_gmt":"2024-07-08T03:48:16","guid":{"rendered":"https:\/\/www.reckon.com\/au\/?p=269616"},"modified":"2025-05-30T14:18:43","modified_gmt":"2025-05-30T02:18:43","slug":"sole-trader-tax","status":"publish","type":"sbh","link":"https:\/\/www.reckon.com\/au\/small-business-resources\/financial\/sole-trader-tax\/","title":{"rendered":"Sole trader tax"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; custom_padding_last_edited=&#8221;on|phone&#8221; _builder_version=&#8221;4.23&#8243; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;0px||||false|false&#8221; global_colors_info=&#8221;{}&#8221; da_is_popup=&#8221;off&#8221; da_exit_intent=&#8221;off&#8221; da_has_close=&#8221;on&#8221; da_alt_close=&#8221;off&#8221; da_dark_close=&#8221;off&#8221; da_not_modal=&#8221;on&#8221; da_is_singular=&#8221;off&#8221; da_with_loader=&#8221;off&#8221; da_has_shadow=&#8221;on&#8221; da_disable_devices=&#8221;off|off|off&#8221;][et_pb_row column_structure=&#8221;1_3,2_3&#8243; _builder_version=&#8221;4.23&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; width=&#8221;100%&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_3&#8243; module_class=&#8221;table-contents&#8221; _builder_version=&#8221;4.23&#8243; background_color=&#8221;#f3f2f6&#8243; custom_padding=&#8221;25px||25px||true|false&#8221; sticky_position=&#8221;top&#8221; sticky_limit_bottom=&#8221;section&#8221; sticky_position_tablet=&#8221;top&#8221; sticky_position_phone=&#8221;none&#8221; sticky_position_last_edited=&#8221;on|desktop&#8221; pac_dcm_carousel_specific_module_num=&#8221;0&#8243; border_radii=&#8221;on|24px|24px|24px|24px&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text _builder_version=&#8221;4.23&#8243; text_font=&#8221;||||||||&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221; background__hover_enabled=&#8221;on|desktop&#8221;][\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; pac_dcm_carousel_specific_module_num=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Copy paste body text here&#8221; _builder_version=&#8221;4.27.4&#8243; header_2_font_size=&#8221;32px&#8221; hover_enabled=&#8221;0&#8243; header_2_font_size_tablet=&#8221;30px&#8221; header_2_font_size_phone=&#8221;26px&#8221; header_2_font_size_last_edited=&#8221;on|tablet&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<p>The price to pay once you start working for yourself are the manageable tasks of mastering sole trader tax rates and compliance.<\/p>\n<p>If you\u2019ve left the employee life and created your own business as a sole trader, you\u2019ve embraced a host of freedoms.<\/p>\n<p>Working for yourself is a source of incredible self-satisfaction, but it also comes with more responsibilities \u2013 Thankfully, with <a href=\"https:\/\/www.reckon.com\/au\/accounting-software\/industries\/sole-trader\/\">sole trader accounting software<\/a> you can easily manage your own <a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/tax-compliance\/\">tax compliance<\/a>.<\/p>\n<p>Administering your sole trader tax obligations to the Australian Tax Office (ATO) is an important undertaking for a sole trader, as your tax isn\u2019t automatically withheld from your income anymore.<\/p>\n<p>To help you stay compliant, let\u2019s investigate sole trader tax rates, how to calculate tax, when to <a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/end-of-financial-year\/business-tax-return\/\">submit tax returns<\/a> and the role of advisors can have on your business.<\/p>\n<h2>Sole trader tax rate<\/h2>\n<p>The sole trader tax rate is calculated in the same way as an individual would be, as opposed to a company. Under the sole trader business structure, your personal income is considered your business income. It is also important to note that as a sole trader, your small business is not considered as a separate legal entity. Below are a few key tax obligations.<\/p>\n<ul>\n<li aria-level=\"1\">The sole trader tax rate in Australia is based on the individual tax rate and will depend on your earnings.<\/li>\n<li aria-level=\"1\">The tax-free threshold for a sole trader is $18,200 in the 2020\u201321 financial year.<\/li>\n<li aria-level=\"1\">A sole trader <a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/starting-a-small-business\/types-of-business-structures\/\">business structure<\/a> is taxed as part of your own personal income.<\/li>\n<\/ul>\n<p>The following tax rates and brackets apply to sole traders:<\/p>\n<table>\n<tbody>\n<tr>\n<th><strong>Taxable income<\/strong><\/th>\n<th><strong>Tax on this income<\/strong><\/th>\n<\/tr>\n<tr>\n<td>0 \u2013 $18,200<\/td>\n<td>Nil<\/td>\n<\/tr>\n<tr>\n<td>$18,201 \u2013 $45,000<\/td>\n<td>16 cents for each $1 over $18,200<\/td>\n<\/tr>\n<tr>\n<td>$45,001 \u2013 $135,000<\/td>\n<td>$4,288 plus 30 cents for each $1 over $45,000<\/td>\n<\/tr>\n<tr>\n<td>$135,001 \u2013 $190,000<\/td>\n<td>$31,288 plus 37 cents for each $1 over $135,000<\/td>\n<\/tr>\n<tr>\n<td>$190,001 and over<\/td>\n<td>$51,638 plus 45 cents for each $1 over $190,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>How to calculate tax for sole trader<\/h2>\n<p>If you need to calculate tax for a sole trader, you can use the table above as a guide, or the ATO has an <a href=\"https:\/\/www.ato.gov.au\/calculators-and-tools\/income-tax-estimator\/\">income tax calculator<\/a> for accuracy and peace of mind.<\/p>\n<p>The income tax calculator can also take into account important tax considerations such as:<\/p>\n<ul>\n<li aria-level=\"1\">Medicare levy<\/li>\n<li aria-level=\"1\">HELP debt<\/li>\n<li aria-level=\"1\">Tax offsets<\/li>\n<li aria-level=\"1\">Tax credits<\/li>\n<\/ul>\n<p>Find the <a href=\"https:\/\/www.ato.gov.au\/calculators-and-tools\/income-tax-estimator\/\">ATO\u2019s income tax estimator calculator here<\/a>.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-263028 size-full aligncenter\" src=\"https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2023\/05\/5-sole-trader-tax.png\" alt=\"\" width=\"940\" height=\"340\" srcset=\"https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2023\/05\/5-sole-trader-tax.png 940w, https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2023\/05\/5-sole-trader-tax-480x174.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 940px, 100vw\" \/><\/p>\n<h2>How to pay tax as a sole trader<\/h2>\n<p>So, how do you pay tax as a sole trader? The best way to go about managing your tax responsibilities is to get ahead of it.<\/p>\n<p>You can prepare for your sole trader tax return in a number of ways:<\/p>\n<ul>\n<li aria-level=\"1\">You can make pre-payments into your tax bill account.<\/li>\n<li aria-level=\"1\">You can be responsible for putting funds aside throughout the year in anticipation of your expected tax bill.<\/li>\n<li aria-level=\"1\">You can voluntarily pay tax in instalments.<\/li>\n<\/ul>\n<h3>PAYG<\/h3>\n<p>After the first tax return that shows you operate above the tax-free threshold, you\u2019ll automatically be entered into the <a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/financial\/weekly-fortnightly-monthly-tax-tables\/#what-is-payg-withholding\" target=\"_blank\" rel=\"noopener\">PAYG (pay as you go)<\/a> scheme. However, you can enter into PAYG voluntarily to anticipate your tax liability and get ahead of a tax bill.<\/p>\n<h3>Reporting<\/h3>\n<p>You\u2019ll have to report earnings, <a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/bas\/\">tax and business activity<\/a> to the ATO through both a BAS (business activity statement) and a tax return. Your BAS will include GST payments as well as your PAYG instalments.<\/p>\n<h2>Sole trader tax return<\/h2>\n<p>Submitting a sole trader tax return is a requirement from the ATO and is an integral part of trading as a small business and individual in Australia. The deadline for a sole trader income tax return is still the same an is due on 31st October.<\/p>\n<p>You have a few options for lodging a tax return as a sole trader:<\/p>\n<ul>\n<li aria-level=\"1\">You can manage your own tax return by using myTax, which is linked to your myGov account.<\/li>\n<li aria-level=\"1\">You can fill out a paper tax return.<\/li>\n<li aria-level=\"1\">You can engage the services of an accountant, bookkeeper or advisor.<\/li>\n<\/ul>\n<h2>Using an advisor to lodge a tax return<\/h2>\n<p>Many sole traders and small businesses use the option of a registered tax agent as they\u2019re adept at picking up on missed tax reduction strategies and will ensure compliance. There are many easy-to-miss <a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/end-of-financial-year\/tax-deduction-for-small-business\/\">tax deductions<\/a> that you\u2019ll incur as a sole trader, as well as various schemes you can claim on such as fuel tax credits, highlighting the importance of professional tax advice.<\/p>\n<p>If you need help finding an accountant or bookkeeper near you, feel free to use our <a href=\"https:\/\/partnersearch.reckon.com\/\">advisor search tool<\/a>.<\/p>\n<p>If you need further advice on sole trader tax, please visit the <a href=\"https:\/\/www.ato.gov.au\/\">ATO website<\/a>.<\/p>\n<p>[\/et_pb_text][ba_social_share icon_bg=&#8221;#03002e&#8221; icon_padding=&#8221;10px|12px|10px|12px|true|true&#8221; layout=&#8221;classic&#8221; show_text=&#8221;off&#8221; btn_padding=&#8221;0px|0px|0px|0px|false|false&#8221; btn_bg_color=&#8221;RGBA(255,255,255,0)&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;50px||||false|false&#8221; custom_padding=&#8221;25px||||false|false&#8221; custom_css_before=&#8221; content: %22SHARE THIS%22;|| font-size: 16px;|| font-weight: 700;|| line-height: 22px;|| letter-spacing: 0em;|| text-align: center;|| color: #ff5447;|| margin-bottom: 10px;|| display: inline-flex;|| position: absolute;|| margin-top: 10px;&#8221; border_width_top_main=&#8221;1px&#8221; border_color_top_main=&#8221;#e4e4e4&#8243; border_radii_icon=&#8221;on|5px|5px|5px|5px&#8221; global_colors_info=&#8221;{}&#8221; custom_css_before_last_edited=&#8221;off|desktop&#8221;][ba_social_share_child _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;facebook&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;linkedin&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;email&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][\/ba_social_share][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Working for yourself is a source of incredible self-satisfaction, but it also comes with more responsibilities \u2013 including the management of your own tax compliance. To help you stay compliant we\u2019ve investigated sole trader tax rates, how to calculate tax and when to submit tax returns in the below article.<\/p>\n","protected":false},"author":6,"featured_media":272902,"menu_order":0,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"sbh_category":[201],"class_list":["post-269616","sbh","type-sbh","status-publish","format-standard","has-post-thumbnail","hentry","sbh_category-financial"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Sole Trader Tax | Small Business Resources | Reckon AU<\/title>\n<meta name=\"description\" content=\"Get to know everything about sole trader tax rate. Discover how to pay taxes as a sole trader or learn how to calculate the return. 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