Lodging a Tax Return with ABN Income

Do I Need to File a Separate Tax Return for ABN Income?

If you've earned income through an Australian Business Number (ABN) and employment, you do not need to file a separate tax return. All income, whether from employment or ABN, is reported together in one Income Tax return.

Filing a single tax return allows you to maximise tax deductions and ensure you're complying with ATO guidelines, helping you get the maximum refund.

Table of Contents:

1. Personal Details
2. Reporting Your Income
   • ABN Income
   • Employment and Other Income
3. Maximising Tax Deductions
   • Business Expenses
   • Other Deductible Expenses
4. Completing the Business and Professional Items Schedule
5. Lodging Your Income Tax Return
6. Gotax Deduction Grabber App: Your Tax Tool

1. Personal Details

Start by filling in your Tax File Number (TFN) and personal details accurately when lodging your Gotax Online Income Tax Return. This ensures the ATO has the correct information on file.

2. Reporting Your Income

When reporting your income, you'll need to include both your ABN income and other sources of income in your tax return.

• ABN Income: All earnings from your ABN should be reported in the "Business and Professional Items" section.
• Employment and Other Income: Include any additional income from wages, salaries, interest, dividends, and rental properties.

3. Maximising Tax Deductions

This is where you can make the most of your deductions to reduce your taxable income.

• Business Expenses: Include any costs directly related to your business, such as office supplies, rent, and utilities. Make sure to claim all allowable tax deductions.
• Other Deductible Expenses: Include work-related expenses, charitable donations, and other eligible tax deductions.

By taking advantage of every possible deduction, you can maximise tax deductions and increase your chances of a maximum tax refund.

4. Completing the Business and Professional Items Schedule

This section is crucial for detailing your business income and expenses. Be thorough and accurate to ensure the ATO accepts all of your claimed tax deductions.

5. Lodging Your Income Tax Return

You can submit your Income Tax return either through Gotax.

Example Scenario:

Jane works part-time as a graphic designer and earns additional income through freelance work under an ABN. Here's how she would handle her tax return:

• Employment Income: Jane includes her part-time job income in the "Salary and Wages" section.
• ABN Income: She reports her freelance earnings in the "Business and Professional Items" section.
• Deductions: Jane claims deductions both from her part-time employment and business expenses, ensuring she maximises her tax refund.

6. Gotax Deduction Grabber App: Your Tax Tool

Gotax makes tax time easy with the Gotax Deduction Grabber App. This tool helps you track all your expenses and logbook records efficiently throughout the year. With all the tax deduction tools you need in one place, you’ll never miss a tax claim again.

Scan the QR code to download and simplify your tax management!

Important Points to Remember:

• You only file one tax return covering both your ABN income and employment income.
• Keep accurate records of all income and expenses throughout the year.
• If unsure about your deductions, consult a registered tax agent for advice to avoid costly errors.

By including all your income and maximising tax deductions in a single tax return, you’ll comply with ATO guidelines and make the most of your potential refund.

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