How will my business income affect my personal income tax?
I have always been confident doing my own taxes but this year I have some minuscule income from work as a performing musician that has to go through my ABN. As a sole trader, how does this affect my personal income tax? I should also mention that my business has made a loss, in case that changes things.
Public Comments
- You need to complete the supplementary section when you do your tax return. The supplementary section covers business income. As a sole trader the value of that income is added to any income from employment sources and you are taxed on the whole amount you have earned.
