Are you a self-employed person in Australia trying to manage your finances on your own? The Australian Tax Office is undoubtedly the most trustable source for information and resources. But what’s more important is to ask the right questions for accurate tax lodgement.
Are there any tax benefits for ABN holders?
A unique Australian Business Number is mandatory for every freelance business owner. An ABN ensures that you are operating legally in the country and paying appropriate taxes.
As a self-employed individual, you will hold an ABN under the respective section or form that is specified for the industry you operate in and declare your income accordingly.
Lodging taxes is a bit different than declaring your income. The ATO can help with understanding the difference between the two as well as be a responsible taxpayer.
The same goes with tax benefits, thresholds and refunds. All that information is available here.
What if information regarding my query is not listed on the ATO website?
The ATO has set up a special help line that offers advice and guidance for small business owners and sole traders.
The helpline is staffed by professionals who can help you with the correct guidelines to access accounting services, tax lodging assistance and any other specific tax affair related inquiry.
Can I manage my taxes on my own with the help of ATO?
Services available with the ATO range from online tax lodging to setting up payment plans so you don’t miss any deadlines. You can access detailed guidelines that explain the lodgement procedure and how to categorise your expenses into a statement that can be filed for return.
Before lodging for tax returns it is important to be aware of your present Tax Filing Number which is a personal reference number, different for each tax-paying Australian, and the proof of your registration in the superannuation system.
The ATO also provides all essential information regarding key dates for each Financial Year.
However you need to link up with a bookkeeper who will track and suss out your tax returns. It can be very difficult to manage this task on your own at the end of the financial year.
Who can help me with tracking my expenses and reviewing the statements?
MyGigsters is specifically designed to suit the needs of freelancers like you. When you download the app, set up your tax profile and sync your bank account, the smart algorithm calculates your first potential $100 savings in just a few seconds!
You can keep tracking your expenses and check your tax savings estimates while all the data is securely updated to a report that you can access any time. The app is also a trustworthy platform that matches you with the perfect accountant who will answer your financial and tax related queries as well as review the auto-generated reports to ensure that no potentially deductible expenses are left out.
Be prepared ahead of tax time and lodge for tax returns right from the app, download MyGigsters today and find out your first potential $100 savings for FY 2022/23.
