Sole trader & PAYG Income

[letiha]

A friend of mine was working as an employee for half the year, the second half he was self employed installing water tanks and had an ABN.

I just wanted to check if he lodges 2 tax returns, one for himself and the second for the business or he just does it as one.

[Sunfish]

Just one. He only has one TFN.

[MattR]

Yep, just the one.

He'll need to complete the return as per normal and then add his"business schedule" on the return. He should look into the Simplified Tax System (STS) and the Entrepeneurs Tax Offset and see if they are of any benefit on his business income.

[letiha]

Well part 2 of the problem is that he kept a lot of his receipts in his glove box (tradies!!!!!!!) The engine of his work vehicle caught fire and the care burned out, along with his hand (HINT: Solo is not good for putting out fires)

So he is really limited in what he can claim