Doing your 2022 Taxes with Gillian and the Simple Solutions Team – Sole Traders

June 22, 2022

Doing your 2022 Taxes with Simple Solutions Accounting Services…

From 1 to 14 July 2022 we are going to be focused on STP annual reconciliations and finalisations for clients that we process payroll for, as well as lodgement of quarterly Super.

As a result we will not consider lodging individual tax returns prior to Monday 18 July 2022 – and this will only be considered if you don’t have any income from managed funds or waiting on trading platform investment packs or annual rental statements for investment properties.

If your are a Sole Trader (ie you have an ABN associated with your individual Tax File Number) there are individual components AND business components that need to be completed in your tax return.

If you did not conduct any trade through your ABN during the 2022 financial year please let us know – we may be able to complete a basic individual tax return for you instead.

On or around 18 July 2022 we will be downloading your pre-fill report and adding it to the secure client portal. If you need a reminder how to access please click here for your CLIENT PORTAL INSTRUCTIONS.

You will then be able to login and check the pre-filled information for accuracy and completeness. Please also advise us if any of your details have changed (name / address / banking details and if you have hatched (had a new bub or more kids!), matched (now partnered), or separated (sorry to hear) so we can update your records. Please also advise if your job description has changed.

If you could then upload your documents for tax onto your portal. You do not need to notify us that you have uploaded documents – we get notified internally. However, if you could advise us once you believe you have uploaded ALL of your documents, we can then progress the return and allocate it to one of the amazing tax accountants in the team for them to work their magic.

Not sure what to upload or what we need? Well, it really depends on your circumstances.

You can use this handy deduction checklist and documents needed to record the expenses you have incurred and see what other documents are needed.

Income

  • If you have a rental property use our handy Rental Information Checklist Form 2022
  • If you have foreign income – please send details (i.e.) foreign investment statements and also any foreign taxes paid.
  • If you have Crypto – please send us the reports for the gains / losses (like Crypto Tax Calculator)

Deductions

Business

Income – Provide total for Income earnt in FY2022 (including GST component if registered)

  • If you have a Xero Datafile – ensure that all transactions are reconciled and all invoices are entered up to 30th June 2022.
  • If you have a e-store shop front, these programs often have an feature that allows you to extract a summary (csv format preferred) which will detail this information – please provide
  • If you keep manual bookkeeping records – you can manually tally this amount from your Sales Invoices issued throughout the year (an excel spreadsheet can be a helpful way for you to record and tally this information)

Deductions/Expenses

If you have a Xero Datafile

  • Ensure that all transactions are entered and reconciled up to 30th June 2022 (If the Simple Solutions team conduct bookkeeping for you then we will do this on your behalf)
  • Ensure payroll summaries for your employees have been finalised (If the Simple Solutions team process payroll for you then we will do this on your behalf)
  • Provide Vehicle details and additional document – See details and checklist in document attached (Deduction checklist and documents needed – Sole Trader)

If you keep manual bookkeeping records – Provide summary for expenses relating to your ABN business

  • You can enter figures into the document attached (Deduction checklist and documents – Sole Trader) to record the expenses you have incurred OR you can use the checklist as a guide to create your own summary of expenses – excel spreadsheet preferred. Remember to detail what % is related to the business.
  • Ensure payroll summaries have been finalised (If the Simple Solutions team process payroll for you then we will do this on your behalf)
  • Provide Vehicle details and additional documents – See details and checklist in document attached (Deduction checklist and documents needed – Sole Trader)

And if you have are overwhelmed and have a shoebox full of receipts – its ok, we can help – we can sift through your documents (electronic copies preferred) and create the necessary summaries. Please note though that this work is charged at an hourly fee and is in addition to your tax return preparation fee.

For tips and tricks throughout the year and other useful guides, please join us on Facebook, Instagram and LinkedIn.

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