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Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Experience:  Nearly 30 years of varied tax industry exp. Tax Biz owner
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Sole trader business Tax. We have made to date $36,669.16 till

Resolved Question:

Sole trader business Tax. We have made to date $36,669.16 till this point how much tax will we need to have prepared for the end of this financial year.

What is the best way to keep track of our tax.
Submitted: 11 months ago.
Category: Tax
Expert:  Tax.appeal.168 replied 11 months ago.

Welcome. Thank you for choosing us to assist you. My name is XXXXX XXXXX my goal is to help make your life, a little... less taxing.

 

As a sole trader, you pay the same tax as individual taxpayers, at personal income tax rates. Individuals who are Australian residents don't pay tax on the first $18,200 they earn. This is called the tax-free threshold.

 

REFERENCE SOURCE:

 

http://www.ato.gov.au/Business/Starting-and-running-your-small-business/Starting-your-business/Choosing-your-business-structure/Sole-trader/

 

----------------------------------------

 

Individual Income Tax Rates: $18,201 – $37,000 - 19c for each $1 over $18,200 $3,508.92 is the income tax amount to be paid.

 

Calculation: $36,669 - $18,201 (exempt amt.) = $18,468 $18,468 x 0.19 = $3,508.92

 

------------------------------------------------

 

Individual Income Tax Rates: http://www.ato.gov.au/Rates/Individual-income-tax-rates/

 

---------------------------------------------------

 

Q: What is the best way to keep track of our tax.

 

A: After your first year in business, you must generally pay quarterly pay as you go (PAYG) installments towards the amount of tax you expect to pay at the end of the year.

 

Please let me know if you require additional assistance regarding this matter.

 

Thank you again for using this Q&A service to assist you.

Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 2562
Experience: Nearly 30 years of varied tax industry exp. Tax Biz owner
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