Posted

Tuesday, July 20, 2010

Yes, it's tax return time again and, yes, again we're all swamped with information on what to do and not do in relation to our tax returns.
 
The ATO has put out some helpful information and we've collated what we think might be the key items for most self-employed people. It covers issues such as:

• All the info about lodging your 2009-10 tax return. You can do this online.
• An online demo of how to do your tax return online.
• What work-related expenses you can claim.
• All the tax info about running your business.

You can find it here:
<http://www.contractworld.com.au/pages/PDFs/handy-ATO-links-for-2009-2011.pdf>
 
But look at this situation. We've had queries from self-employed people who've attempted to fill out their own tax returns. It's confusing. Try to work out into which box you write your income if you're a sole trader with a simple PAYG statement!
 
First you need the 80-page Tax Supplement:
<http://ato.gov.au/taxprofessionals/content.asp?doc=/content/00244428.htm>
 
On the tax return you

• Start at item 9, but find you have to go to item 14.
• At item 14 it says "no", go to item 15.
• Aha! Yes (we think) you put your income into item box 15.