Hi, I only just now found out from googling about various tax stuff that you need to submit a tax return even if your business only earned a dollar and it's well past October and I haven't heard anything from the ATO. I am wondering if I should try to lodge or not as I have an ABN and I made about $6 from my business as a sole trader in the last financial year, and if I would face a penalty for not realising. In fact I read somewhere a while ago that the tax free threshold for sole traders is $18,200 just like it is for individuals so am wondering if this is still true and if I still need to lodge a tax return? If I don't need to lodge, is it really necessary to file a non-lodgement advice as I have never submitted a tax return before. Also if I earn $0 but still have an ABN next financial year do I lodge a tax return or file a non-lodgement? And if I lose my ABN is there a way to advise this on a tax return so the ato knows I'm not a sole trader anymore if that were to happen? I would appreciate any help regarding this. I am also struggling to find information about whether receiving a government allowance increases that amount that you are taxed for your income or if your income is treated the same as someone who doesn't receive a government allowance? Thanks.
