Tax return for sole trader Startup business

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 · Accepted Answer

JasonT · Answer

To include your sole trader income in myTax 2021: - in Personalise return (screen 3) select/tick the box You were a sole trader or had business income or losses, partnership or trust distributions (not from a managed fund) - tick Business/Sole trader income or loss - determine if your income is PSI by using the integrated tool, then - tick either Personal services income or Business income or loss When you progress to Prepare return (screen 4), you'll have a section titled Business/sole trader, partnership and trust income (including loss details) click on Add/Edit >. Please follow these instructions to guide you through how to complete. Please note: The amounts you include as your assessable income in any income year depend on whether you account for your income on a cash basis or accruals basis See how you go and please let us know if you have any questions. Happy lodging :)

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