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lozzy12(Newbie)Newbie
16 July 2024

I only earned $5k on my abn as an independent performing artist. How do I include this in my income tax lodgement? and what documentation do I need to keep about that income?

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194 views
1 replies

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RachATO(Community Support)Community Support
17 July 2024

Hey @lozzy12,

 

The awesome news is that you can report your sole trader income in your individual tax return under the supplementary section. No need to lodge two different tax returns!

 

To find out where it goes, first check if it's considered personal services income (PSI). We have a nifty tool to help you work this out :)


If it's PSI, pop it in at question 14, otherwise it'd business income at question 15.


You can check out our webpage about records for some ideas on what you can use. Things like copies of invoices you've issued or payment documents from those you've provided services for are good.

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Most helpful reply

RachATO(Community Support)Community Support
17 July 2024

Hey @lozzy12,

 

The awesome news is that you can report your sole trader income in your individual tax return under the supplementary section. No need to lodge two different tax returns!

 

To find out where it goes, first check if it's considered personal services income (PSI). We have a nifty tool to help you work this out :)


If it's PSI, pop it in at question 14, otherwise it'd business income at question 15.


You can check out our webpage about records for some ideas on what you can use. Things like copies of invoices you've issued or payment documents from those you've provided services for are good.

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I earned about $5k on my ABN as a sole trader- how do I include that in my income tax return ? | ATO Community