Sole traders are required to lodge the following:
* Tax return for individuals
* Tax return for individuals (supplementary section)
* Business and professional items schedule for individuals.

Your net taxable income or loss from running a business must be reported in your tax return, even if it’s below the taxable income threshold of $18K.

This includes:
* assessable business income minus any deductions for business expenses
* any other assessable income, such as salary and wages, dividends and rental income, minus any allowable deductions against this income.

 

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