A few months before June 30 I setup my sole trader ABN for graphic design work and spent around $4000 on equipment but only managed to get 2 small jobs paying $420 total. On my tax return should I declare this? A friend said I have to earn more than 10k to qualify as a business but I dont think this is correct. Can anyone advise please?
Thanks
Hi @fzuk1,
All of your sole trader income can be reported on your individual tax return. There isn't a threshold for business earnings, you should lodge even if you only earned $1. :)
Also, if you have records for the equipment you purchased, you may be able to claim deductions for these items on your return. Take a look at what you can claim on our website and see if you satisfy the 3 golden rules for claiming deductions.
Hi @fzuk1,
All of your sole trader income can be reported on your individual tax return. There isn't a threshold for business earnings, you should lodge even if you only earned $1. :)
Also, if you have records for the equipment you purchased, you may be able to claim deductions for these items on your return. Take a look at what you can claim on our website and see if you satisfy the 3 golden rules for claiming deductions.
As I thought, thanks very much @GabbyATO
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