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Soler trader after business already started

Newbie

Views 111

Replies 1

So I been share trading this financial year, but was unaware that I needed an Business ABN.

I applied and received my ABN on the weekend. Can I record my profits using this ABN in the business section of my tax return this financial year, or do I have to wait until next financial year?

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Certified Response

Former Community Support

Replies 0

Hi @neostars

 

You will need to record in the financial year the income was received. You can also backdate to the start date of ABN if needed. 

 

I have found some information for reporting and paying tax that may help you.

 

Hope this helps!

 

1 REPLY 1

Most helpful response

ATO Certified Response

Former Community Support

Replies 0

Hi @neostars

 

You will need to record in the financial year the income was received. You can also backdate to the start date of ABN if needed. 

 

I have found some information for reporting and paying tax that may help you.

 

Hope this helps!