Sole Trader Tax Return Services | Expert Tax Agent Sydney

Sole Trader Tax Services - Sydney Tax Agent

We specialise in helping sole traders across Sydney lodge accurate and compliant tax returns. Whether you're a tradie, consultant, GP, online seller, or running a side hustle, we take care of the tax side so you can focus on your business.

Individual Tax Return Deadline – 31 October 2025

If you're lodging your own tax return for the 2024–25 financial year, the deadline is Friday, 31 October 2025. Missing this date may result in penalties starting at $330, increasing every 28 days up to a maximum of $1,650. To avoid fines, lodge on time or appoint a registered tax agent before 31 October to access extended deadlines into 2026.

Our Sole Trader Tax Services Include:

Preparation & Lodgement of Tax Returns - Accurate and timely preparation of your sole trader tax return, ensuring all eligible deductions and offsets are claimed.
Business Income & Expense Review - We help you organise and review your income and expenses to maximise your tax position and stay compliant.
GST & BAS Support - Assistance with GST registration, BAS preparation, and lodgement to keep your business obligations on track.
ABN & Business Registration Guidance - Support with applying for or updating your ABN, and advice on business structure and compliance.
ATO Correspondence & Dispute Resolution - We handle communication with the ATO on your behalf, including audits, payment plans, and dispute resolution.
Bookkeeping & Software Setup- Guidance on setting up bookkeeping systems and choosing accounting software that suits your business.
Tax Planning & Advisory - Strategic advice to help you plan ahead, reduce tax liabilities, and grow your business sustainably.

Different Types of Sole Trader Income

Here’s a breakdown of the different types of income that a sole trader in Australia may need to report in their tax return:

Sales of goods or services – Your primary income from running your business.
Fees and commissions – Common for consultants, freelancers, and service providers.
Royalties - Authors, musicians and published material
Online income – Earnings from platforms like Etsy, eBay, or digital services for creatives.

Personal Services Income (PSI)

Personal Services Income (PSI) is still ABN income, but it reflects a contractor-style arrangement where the income is mainly derived from your personal effort or skills, rather than from running a business with significant assets, employees, or scale.

Earned mainly from your personal skills or labour — common for consultants, IT contractors, tradies, and freelancers.
You may be working under contract for one or few clients, similar to an employee.
PSI rules may limit the deductions you can claim (e.g., you can't claim rent or wages for staff unless you meet the PSI tests).
You still need to lodge a business tax return and report this under your ABN.

Sole Trader Income Vs Personal Services Income (PSI)

Here’s a comparison table that clearly distinguishes Business Income from Personal Services Income (PSI) for sole traders in Australia:

Feature	Business Income	Personal Services Income (PSI)
Source of Income	From selling goods or services as part of a business operation	From personal skills, effort, or expertise (e.g. consulting, freelancing)
Typical Structure	Business with systems, assets, possibly employees	Individual working under contract, often for one or few clients
ABN Requirement	Yes	Yes
ATO Classification	General business income	Special category with PSI rules
Deduction Flexibility	Broad range of deductions allowed	Limited deductions unless PSI tests are passed
PSI Tests Required?	No	Yes – to determine if income is treated as business income
Examples	Online store, café, tradie with staff, graphic design studio	IT contractor, freelance writer, solo consultant
Tax Treatment	Full business treatment with standard deductions	May be treated like employee income if PSI rules apply

Common Tax Deductions for Sole Traders

We help you claim deductions you're entitled to, including:

Home Office Expenses – electricity, internet, phone, depreciation on equipment
Vehicle & Travel Costs – logbook method or cents per kilometre
Tools & Equipment – including depreciation
Marketing & Advertising – website costs, social media ads, flyers
Professional Services – accounting, legal, business coaching
Insurance Premiums – business-related policies
Bank Fees & Interest – on business loans or accounts
Training & Education – related to your business activities
Software Subscriptions – accounting, design, CRM tools, Xero, Industry specific.

Sole Trader Tax Return Preparation - What We Do

ABN Income - Review your ABN income and business activity
Business Deductions - Identify and claim all eligible business deductions
Advice - Provide tailored advice to help reduce your tax liability
ABN / GST - Help you with ABN setup & GST Registration
Xero Software - Set you up with Xero Software Cashbooks or
Cashbooks - Simple excel cashbooks with Tax Invoice templates
Depreciation - Take care of Depreciation Schedules & Instant Asset Write Offs
Motor Vehicle - Look after Motor Vehicle Calculations & Help you with Logbooks
Compliance - Ensure compliance with current tax laws and reporting standards
Record Keeping - Offer ongoing support for BAS, GST, and business record-keeping
PAYG Tax Instalments - Calculate PAYG Tax Instalments for you
Tax Returns - Prepare and lodge your Sole Trader tax return with the ATO

Sole Trader Tax Information Required Checklist

Category	Details to Provide
ABN & GST Details	ABN, GST registration status, business description, and industry classification
Income Records	Invoices, sales summaries, bank statements
Business Expenses	Receipts for tools, supplies, travel, phone, internet, etc.
Industry-Specific Expenses	E.g. Room Hire & Locum Admin Fees for GPs
Home Office Expenses	Electricity, internet, rent portion (if applicable)
Motor Vehicle Expenses	Logbook, closing odometer readings, fuel, servicing (if used for business)
Asset & Equipment Purchases	Details of assets/equipment bought or sold (for depreciation or CGT)
Superannuation Contributions	Records of any self-contributed super payments
Tax Return History	Previous year’s tax return (if available)
BAS Returns & GST Reconciliation	Copies of lodged BAS statements and GST summaries
PAYG Tax Instalments	Records of PAYG tax instalments paid to the ATO

Why Choose Us for Sole Trader Tax Returns?

ABN Income - Specialised in ABN income and sole trader tax rules
ABN Deductions - Maximise your deductions and reduce your tax liability
Accurate, ATO-compliant lodgment - no guesswork
Fast turnaround and responsive support
Tailored advice for tradies, consultants, GP's, creatives, and more
Stress-free process from start to finish
Trusted by individuals, families, small businesses and investors

Sole Trader Tax Return