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Sole trader or partnership

Newbie

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Hi there, I just arrived here in Australia in January this year and just started working with my husband (sole trader, cleaning business) 2 weeks ago. I just have some questions regarding lodging tax returns. I already have my TFN. So I am working under my husband, will he be the one to lodge income tax for me? If so, can you tell us how to do it ourselves or do we have to seek help from an agent?

Also, can he include me in his ABN (like a partnership) or do we have to apply again and cancel his current ABN?

 

Thanks a lot!

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ATO Certified Response

ATO Community Support

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Hi @fayecee23

 

As an individual, you'll need to lodge your own tax return. Here's a link to our website for instructions on how to lodge your tax return.

 

If your husband wants to change from Sole Trader to Partnership then yes - he'll need to cancel his ABN as he is changing business structures.

 

In saying that, there's a really good tool on the Business Government website called Help me decide. This tool can help you work out:

  • the business structure that will best suit your needs
  • the basic business and tax registrations you should consider applying for.

Hope this helps,

 

Chantelle

1 REPLY 1

Most helpful response

ATO Certified Response

ATO Community Support

Replies 0

Hi @fayecee23

 

As an individual, you'll need to lodge your own tax return. Here's a link to our website for instructions on how to lodge your tax return.

 

If your husband wants to change from Sole Trader to Partnership then yes - he'll need to cancel his ABN as he is changing business structures.

 

In saying that, there's a really good tool on the Business Government website called Help me decide. This tool can help you work out:

  • the business structure that will best suit your needs
  • the basic business and tax registrations you should consider applying for.

Hope this helps,

 

Chantelle