Hello everyone. I am really struggling here and would really appreciate some help. I am a sole trader not registered for gst (not required to yet) and this last financial year I have invoiced work that was not yet paid in this last financial year, I also have work and expenses invoiced to me this last financial year that has not been paid (the invoices are not due yet). As a sole trader with an ABN, am I able to fill out my tax return business worksheet income & expenses on a non-cash (accruals) basis rather than the commonly used cash basis, and do i need to change anything to notify the ato of that on my return, or do I need to tick any box in my tax return to inform them my business worksheet for my sole trader abn is on a non cash basis?
Thank you so so much :)
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