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TFN & ABN Combined Tax Return (2 x different professions / tax offset item allowances)

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Newbie

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Does anyone know what the requirements for tax time are when you’ve worked half a tax year on an TFN and the second half on an ABN? Do I combine the 2 gross earnings and tax withheld? Will the tax return software be able to recognise the offsets I’ll make for the respective jobs? Reason I’m not sure is that they’ll be two very different jobs / professions from one another and from what I recall you can only enter one job title / profession when doing tax return.
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ATO Certified

Community Support

Replies 2

Hi @cmcdonald,

 

Thanks for your question!

 

@Biggiesmalls is correct, but I'd like to add a little more information.

 

When you lodge your tax return as a sole trader, you will list your occupation, salary & wages, and work related deductions in one section. Your business details, including business type, income and expenses are entered in a separate section.

 

You can use our myTax 2019 instructions to help you complete these sections.

 

I hope this helps, but please let me know if you have any other questions.

 

Thanks,

 

Rachael B.

5 REPLIES 5
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Devotee

Replies 1

The work you did under your ABN will go in the business income section. The work you did as an employee (TFN) will be wages so you just fill out the one tax return- assuming your ABN is a sole trader ABN?
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Newbie

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Thank you. Yes, I’m a sole trader ABN. Hoping I can submit the relevant items/services to offset my claims correctly for each.
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Best answer

ATO Certified

Community Support

Replies 2

Hi @cmcdonald,

 

Thanks for your question!

 

@Biggiesmalls is correct, but I'd like to add a little more information.

 

When you lodge your tax return as a sole trader, you will list your occupation, salary & wages, and work related deductions in one section. Your business details, including business type, income and expenses are entered in a separate section.

 

You can use our myTax 2019 instructions to help you complete these sections.

 

I hope this helps, but please let me know if you have any other questions.

 

Thanks,

 

Rachael B.

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Newbie

Replies 1

Thank so much to both of you for your quick and really helpful responses! The only thing I’m wondering is if I can do the TFN and the ABN returns in the same form / go. Sound like I can but let me know if I’ve picked it up wrong anywhere - thanks again :-)
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ATO Certified

Community Support

Replies 0

Hi @cmcdonald,

 

You're spot on! Smiley Happy 

 

If you are a sole trader, all of your information is reported and lodged together on a single tax return. This can be done online via myTax as per the above instructions.

 

If you can't lodge with myTax, you'll need to get a tax agent to help you as business income can no longer be reported on paper tax returns.

 

I hope this helps,

 

Rachael B.