Hi, a personal trainer is making under $75,000 a year. A session is charged $80. If i am not mistaken, making less than $75,000 a year does not require to be registered for GST, and seeing as the service provided is under $82.50 an invoice is not required. Please correct me if I am wrong. Does a tax return need some sort of document showing earnings?
The $82.50 is for claiming a GST credit. A tax invoice is not required if the expense is less than $82.50. A receipt is acceptable as is a diary entry.
For sole traders there is no requirement to attach documents showing earnings to their tax return. Gross income is entered in the business schedule attached to the tax return. If the ATO wish to review the tax return then a record of income should be provided. This may be bank statements, invoices, receipts or a cash book. Link explains
Record keeping for small business | Australian Taxation Office (ato.gov.au)
The $82.50 is for claiming a GST credit. A tax invoice is not required if the expense is less than $82.50. A receipt is acceptable as is a diary entry.
For sole traders there is no requirement to attach documents showing earnings to their tax return. Gross income is entered in the business schedule attached to the tax return. If the ATO wish to review the tax return then a record of income should be provided. This may be bank statements, invoices, receipts or a cash book. Link explains
Record keeping for small business | Australian Taxation Office (ato.gov.au)
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