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Re: Lodging tax return for ABN & TFN

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I recently obtained an ABN to undertake some small consulting work. Thus far I have only earned 3k(gross) for the whole year.

It is not likely I will earn anything further.

I also work FT and earn 124k annually (gross).

My question is do I need to lodge 2 tax returns? 1 for the ABN & then my usual return?

I have tried to research this, even calling the ATO, only to be directed to the website, which is not clear.

I would just like to know yes or no- 2 separate returns or is it combined?

Thank you.

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ATO Community Support

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Hi @Laura_83

 

You don't need to lodge a return separately for your ABN or TFN if you're a sole trader - you're only one person, so you only need to lodge one tax return. You'll include your business earnings under net income or loss from business on your return.

 

If your ABN is set up under any other structure (such as a trust, company, or partnership), you'll need to lodge a separate income tax return since they're their own entity for tax purposes (and will have their own TFN).

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Most helpful response

ATO Certified Response

ATO Community Support

Replies 0

Hi @Laura_83

 

You don't need to lodge a return separately for your ABN or TFN if you're a sole trader - you're only one person, so you only need to lodge one tax return. You'll include your business earnings under net income or loss from business on your return.

 

If your ABN is set up under any other structure (such as a trust, company, or partnership), you'll need to lodge a separate income tax return since they're their own entity for tax purposes (and will have their own TFN).