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Re: Lodging a Tax return as a Sole Trader with a loss

Newbie

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Replies 7

Hi,

So i have gone through and filled out my Sole trader tax return for the first time. I didn't really have many different fields to fill in as it was for about 6 months of Uber. The issue i have is that I cannot lodge it.

 

I have filled it all in, Earned $1474 and deductions were $2511. I cannot save the "Net non-primary production" section because "Remaining net non-primary production income or loss from business" does not equal "Total non-primary production net income or loss from business".

 

If i was wanting to defer this until next year, do i just not try to lodge anythin?

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Community Support

Replies 3

Hi @justjosh,

 

Thanks for your questions!

 

@macfanboy has provided some great information, but I'd just like to give you a little bit of clarification.

 

If you are getting an error at the field "Remaining net non-primary production income or loss from business", try entering the figure exactly as it is shown under the heading of "Total non-primary production net income or loss from business", including any negative symbols.

 

So, if it shows -$1,037.00, you will need to enter -1037 at "Remaining net non-primary production income or loss from business." and then save this section.

 

You must also enter the details under the "Losses" section, but do not include any negative symbols here. The figures must be keyed exactly as they appear in myTax.

 

Hope this helps!

 

Rachael B.

7 REPLIES 7

Taxicorn

Replies 6

You do need to lodge it.

 

You probably have an inconsistent figure at the loss section.

Newbie

Replies 5

That is what i thought. How do i go about that if it is at a minus and the numbers don't add up?

Taxicorn

Replies 0

Not really sure on myTax.

 

Basically, your net business loss = 1037 and your carry forward loss should = 1037.

 

If you are driving for uber was it people?

 

If so you need to put the amount minus GST in your tax return and complete any outstanding BAS's.

 

When I get time I may try and put some dummy figures into a 'temp' myTax account to see.

 

 

 

Most helpful response

ATO Certified Response

Community Support

Replies 3

Hi @justjosh,

 

Thanks for your questions!

 

@macfanboy has provided some great information, but I'd just like to give you a little bit of clarification.

 

If you are getting an error at the field "Remaining net non-primary production income or loss from business", try entering the figure exactly as it is shown under the heading of "Total non-primary production net income or loss from business", including any negative symbols.

 

So, if it shows -$1,037.00, you will need to enter -1037 at "Remaining net non-primary production income or loss from business." and then save this section.

 

You must also enter the details under the "Losses" section, but do not include any negative symbols here. The figures must be keyed exactly as they appear in myTax.

 

Hope this helps!

 

Rachael B.

Newbie

Replies 2

I'm a sole trader as well. I'm stuck on this as well, what is it??  I keep getting this in red:" Remaining net non-primary production income or loss from business",

  • The total of 'Net non-primary production income or loss from a business of investing', 'Net non-primary production income or loss from a rental property business' and 'Remaining net non-primary production income or loss from business' must equal 'Total non-primary production net income or loss from business'.
 
 

 I did exactly what was advised on here before, but still no luck , and I'm rapidly running out of time, its due Nov 2nd.

Since my total income  including Jobseeker is no more than $12000, I didn't I  think I need to lodge ?  Help !!!

 

Taxicorn

Replies 1

@Robart 

 

Sorry but having an abn you need to lodge a tax return regardless of income.

 

Not familar with mytax but check that the loss equals the loss in the two places and also account for treatment of loss ie carry-forward loss or not.

 

Read this, might help?

https://www.ato.gov.au/Individuals/myTax/2020/In-detail/Net-income-or-loss-from-business/

Newbie

Replies 0

G'Day, thanks for your reply .

I got it sorted, ....after a few choice words.  

Where I got stuck was :  Remaining net non-primary production income or loss from business. Theres 3 boxes. I was of the understanding that all 3 boxes had to have a figure . I was putting 'xxxx' dollar  amount in all three boxes. That wasn't the case. I ended up putting '0' in the first two boxes and I then put xxxx amount in the last box , and it went through fine . It took me hours to figure that out, but once I got past that point, it took me less than a few minutes  to complete the rest. I can rest now Smiley Very Happy