How Much Tax Should You Put Aside as a Contractor? Written by Mark Walmsley, Chartered Accountant and Registered Tax Agent. Quick answer: There is no single tax savings percentage for every contractor. If you operate as a sole trader, base your reserve on your expected annual business profit, other income and personal tax circumstances, allowing for tax already withheld and PAYG instalments.
Started Your Tax Return? Make Sure You Actually Finish It Written by Mark Walmsley, Chartered Accountant and Registered Tax Agent. A saved or paid GoTax return is not necessarily lodged. Complete the required steps and finalise your return so it is ready for GoTax’s review. Respond to any follow-up questions, then check for confirmation that lodgement has occurred. If you started yo
Still Putting Off Your Tax Return? Here’s How to Get Moving Written by Mark Walmsley, Chartered Accountant and Registered Tax Agent. If your tax return is stalled, identify the specific thing stopping you and tackle that first. Missing records, an unfamiliar question and uncertainty about a deduction need different solutions. None improves by leaving the tab closed. October is alrea
Tax Return Deadline 2026: Get Yours Sorted Before the Rush Written by Mark Walmsley, Chartered Accountant and Registered Tax Agent. The ordinary deadline for lodging your own 2026 tax return is Monday 2 November 2026, because 31 October falls on a Saturday. If you want to use a registered tax agent, engage them before 31 October and confirm your individual due date. www.ato.gov.au That is
How Much Tax Should You Put Aside as a Contractor? Written by Mark Walmsley, Chartered Accountant and Registered Tax Agent. Quick answer: There is no single tax savings percentage for every contractor. If you operate as a sole trader, base your reserve on your expected annual business profit, other income and personal tax circumstances, allowing for tax already withheld and PAYG instalments.
First Tax Return as a Contractor: How Does It Work? Written by Mark Walmsley, Chartered Accountant and Registered Tax Agent. For the 2025–26 financial year: 1 July 2025 to 30 June 2026. Your first tax return as a sole-trader contractor combines your contractor income, allowable deductions and other personal income in one individual return. You complete the relevant business or perso
ABN Deductions: What Can You Claim? If you earn income through an ABN, you may be able to claim expenses that directly relate to earning that business income. Common ABN deductions may include: vehicle expenses tools and equipment phone and internet software subscriptions home office expenses protective clothing insurance adver
ABN Income: What You Must Declare If you earned money through your ABN, you generally need to declare it in your tax return. ABN income can include: invoices paid by clients contractor income freelance income cash jobs bank transfers platform income rideshare or delivery income NDIS provider income online business incom
Do I Need to Lodge a Tax Return if I Have an ABN? Yes, in most cases you need to lodge a tax return if you have an ABN and you carried on a business as a sole trader during the financial year. That can apply even if: you earned less than the tax-free threshold your ABN income was small your business made a loss you only did side hustle work you worked
Why Did My Tax Refund Change? Your tax refund may change because your first refund amount was only an estimate. The final refund is worked out after the ATO processes your tax return and checks the information against its records. Your refund can change because of: updated ATO prefill information missing or changed income bank interest appearing later dedu