Sole trader and partnership tax returns​

We Will Take Care of Your Sole Trader and Partnership Tax Returns

Tax season can be stressful for sole traders and partnerships, especially if they are not familiar with the tax laws and regulations.

The thought of filing tax returns correctly and on time can be daunting and overwhelming, causing sleepless nights and anxiety. However, it doesn’t have to be this way.

At our firm, we understand the challenges that come with tax season and have the expertise and experience to take care of your sole trader and partnership tax returns. Let us handle the complexities of tax compliance while you focus on growing your business and achieving your financial goals.

 

diverse clients

Tax Expert in Tradie and Freelancer Tax Returns

We had helped many tradies and freelancer to do their tax returns on time and help them to improve their tax position significantly.

As an expert in tax compliance, we understand the nuances and complexities of tax laws and regulations. We stay up to date with changes in tax laws and regulations, so you don’t have to. Our team of tax experts works diligently to ensure that your tax returns are accurate, complete, and filed on time.

How We Can Help You With Your Sole Trader and Partnership Tax Returns

At our firm, we offer a comprehensive range of tax services to help you manage your tax compliance obligations. From preparing and filing your tax returns to providing tax advice and planning, we have the expertise and experience to help you navigate the complex world of tax compliance.

Some of the tax services we provide include:

Preparation and Filing of Tax Returns

We handle the preparation and filing of your sole trader and partnership tax returns. We ensure that your returns are accurate, complete, and filed on time to avoid penalties and interest. Our team of tax experts uses the latest technology and software to streamline the tax preparation process, ensuring efficiency and accuracy.

Tax Planning and Advice

We provide tax planning and advice to help you minimize your tax liability and maximize your tax savings. Our tax experts work with you to identify tax-saving opportunities, such as tax deductions, instant asset write off, travel expenses and other business related deduction, and help you develop tax strategies that align with your business goals and objectives. We also provide advice on tax compliance and help you stay up to date with changes in tax laws and regulations.

Representation in Tax Audits and Disputes

If you get into trouble with the Australian Taxation Office, we will represent you in tax audits and disputes to ensure that your rights are protected and that you receive fair treatment, and your potential ATO debt is being reduced. Our tax experts have extensive experience in dealing with tax authorities and can help you navigate the audit and dispute resolution process.

Frequently Asked Question

on Partnership

What is a partnership?

A partnership is a collaborative arrangement where two or more individuals come together to jointly operate a business or pursue a specific venture. It allows partners to combine their skills, resources, and expertise to achieve common goals.

What is unlimited liability in a partnership?

Unlimited liability in a partnership means that each partner is personally responsible for the debts and obligations of the business. If the business incurs losses or fails to meet its financial obligations, partners may have to use their personal assets to cover the debts, even if it exceeds their initial investment.

What happened when one of the partner leaves the partnership?

When one of the partner leaves the partnership, the partnership is technically dissolved. If the technical dissolution of the partnership does not lead to the wind up of the partnership, then the new reconstituted partnership can be continued, however, they need to fulfil certain conditions and submit a request to the ATO to ask the permission to use the existing Tax File Number and Australian Business Number of the existing partnership. 

How many days does the new reconstituted partnership need to notify the ATO to be able to use the existing ABN and TFN of the existing partnership?

The new reconstituted partnership must notify the Australian Taxation Office within 28 days of the change of registration.

The Benefits of Using WISTAX Taxation Services

Using Wistax taxation services can provide numerous benefits for sole traders and partnerships, including:

Time Savings

Using our tax services allows you to focus on your core business activities and leave the complexities of tax compliance to the experts. This can save you valuable time that you can use to grow your business and achieve your financial goals.

Cost Savings

Using Wistax taxation services can be cost-effective, especially for small businesses with limited resources. By outsourcing tax services, you can avoid the costs of hiring and training in-house tax staff or accountant and investing in expensive tax software and technology.

Expertise and Experience

Using Wistax tax services allows you to tap into the expertise and experience of tax professionals who have extensive knowledge of tax laws and regulations. This can help you avoid costly mistakes and ensure that your tax compliance obligations are met.

Reduced Risk of Penalties and Interest

Using Wistax taxation services can help you avoid penalties and interest that can result from late or inaccurate tax returns. Tax professionals have the expertise and experience to ensure that your tax returns are accurate, complete, and filed on time, reducing the risk of penalties and interest.

Why You Should Choose WISTAX

At our firm, we are committed to providing high-quality tax services that meet your unique needs and requirements. Here are some reasons why you should choose our firm for your sole trader and partnership tax returns:

Expertise and Experience

Our team of tax professionals has extensive expertise and experience in tax compliance, planning, and advice. We stay up to date with changes in tax laws and regulations, ensuring that you receive accurate and timely advice.

Personalized Service

We provide personalized service that is tailored to your unique needs and requirements. We take the time to understand your business and provide solutions that align with your goals and objectives.

Technology and Innovation

We use the latest technology and software to streamline the tax preparation process, ensuring efficiency and accuracy. We also leverage technology and innovation to provide value-added services, such as data analytics and business intelligence.

Fixed Fee Pricing

We offer competitive Fixed Fee Pricing that is transparent and upfront. Our Fixed Fee schedule means that you will not be caught with unexpected fee, and we believe in providing value for money and strive to ensure that our fees are fair and reasonable.

Come and talk to us

Tax compliance can be challenging for sole traders and partnerships, but it doesn’t have to be. By using Wistax taxation services – the leading accountant and tax agent in Inner West Sydney Ashfield and Belrose Northern Beaches, you can focus on growing your business and achieving your financial goals while we take care of your tax compliance obligations.

Our team of tax professionals has the expertise and experience to ensure that your tax returns are accurate, complete, and filed on time. We provide personalized service that is tailored to your unique needs and requirements, and we use the latest technology and software to streamline the tax preparation process. Choose our firm for your sole trader and partnership tax returns, and experience the peace of mind that comes with knowing that your tax compliance obligations are met.

Frequently Asked Question

on Starting a New Business as a Sole Trader 

What is a sole trader?

A sole trader is an individual who runs and owns a business. As a sole trader, you have complete control and management over your business. You are legally responsible for all aspects of the business, and any profits or losses belong solely to you. A sole trader would have the tax file number which is the same as your own tax file number.

What are the benefits of registering as a sole trader?

Registering as a sole trader offers several benefits, especially for small businesses. It is the simplest and cheapest business structure, making it easy to set up and operate. You have full control over decision-making and can hire employees to work in your business. Additionally, filing taxes as a sole trader is relatively straightforward.

Can I employ myself as a sole trader?

No. As a sole trader, you cannot employ yourself. You are considered the owner and operator of the business, so you don’t have the option to be an employee. However, you are responsible for paying superannuation contributions for any employees you hire.

How do I pay taxes as a sole trader?

As a sole trader, you are required to report your business income and deductions on your personal tax return. You will need to keep accurate records of your business transactions and expenses. It’s advisable to consult with a tax professional or accountant to ensure you comply with all tax obligations.

What are the risks of being a sole trader?

While being a sole trader offers flexibility and control, there are some risks to consider. As the sole owner, you have unlimited liability, meaning you are personally responsible for any debts or legal issues that arise in your business. It’s important to carefully manage your finances and consider obtaining appropriate insurance coverage to mitigate these risks.