I'm a PAYG employee who also operates as a sole trader. Prior to FY2025 I did not have an ABN as a sole trader as the ATO states I'm entitled to one but doesn't say it's mandatory. I understand the implications for invoicing as a sole trader without an ABN means the invoiced party must withhold the taxable amount from my invoice and pay it to the ATO. I also understand the GST threshold and rules.
Can I claim sole trader business tax deductions without an ABN?
Additionally, if I was a sole trader in FY2024 and had a business revenue of $1, can I claim ATO approved sole trader business deductions that exceed the amount of revenue without an ABN?
If yes, and the ATO approved business deductions are greater than the revenue, can the deduction amount that exceeds business revenue be carried forward as a business loss, to be offset against business income in subsequent tax returns?
Can I offset a carried forward business loss incurred as a sole trader without an ABN against subsequent tax return business income if I elect to apply an ABN?
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