SA 2 working lifes combine at tax time ?

[okanynameyouwishthen]

Sorry, I'm tired & don't know how to title my question. My situation is I was employed by a company full time from start of this financial year ( 1/7/19) & company went belly up 9 October 2019 & I'm down super/annual leave/notice/redundancy monies. My main point though is as of that last pay 9/10/19 I had grossed near $21K & taxed $4.7K. After 6 weeks or so I became a legit sole trader business. When time comes in a few months & tax time here do my 2 starkly different working situations get combined , as in whatever I gross as sole trader does that get added to the $21K earned when employee of previous business or are they treated seperately.
Thanks if you can enlighten me.
Cheers

 

[Rob Legat - SBPL]

More an accountant type of question, but it’s a pretty straight forward one. When you do your tax, you include all your income for the financial year - from all employment, interest received, dividends, royalties, and so on. There’s no differentiation between the two jobs (bit different if concurrent).

 

[okanynameyouwishthen]

Cheers, I sort of knew that would be the case. Man, the gov. don't make things easy. Bit of a grace period would've been nice as there was no help at all to become sole trader & starting off inexperienced with quotes/estimates & waiting to build up word of mouth rep. Oh well theres always help by way of corono......... No wait miss out on that also !

 

[Atticus]

My main point though is as of that last pay 9/10/19 I had grossed near $21K & taxed $4.7K. After 6 weeks or so I became a legit sole trader business. When time comes in a few months & tax time here do my 2 starkly different working situations get combined , as in whatever I gross as sole trader does that get added to the $21K earned when employee of previous business or are they treated seperately.

Not sure of current tax laws, but some years ago I was a sole trader (low income high overheads for first couple of years) & in part time paid employment at the same time.... My accountant at the time would write off my losses from the sole trader-ship against tax paid from my part time employment... Said I could do that for 3 years from memory.

Also currently I believe the instant asset write off scheme is available as well for sole traders, so if you need some machinery or a vehicle for your business for eg, you can have that amount instantly written off against your tax bill.... Definitely see an accountant because I think they'll be able to do something to get most if not all that $4.7K back

 

[okanynameyouwishthen]

Cheers bro. this is the most helpful advice ever gotten here, very appreciated. Tax I paid when an employee isn't my concern really as paymaster there was on top of that aspect. I subscribed to a software program mainly for sending of invoices ( Rounded......highly recommend ) There's obviously a section for expenses & sees me filing them buggers away at least daily but program doesn't know about income/expenses pre sole trader. Anything lodged in expenses automatically reduced income figure. Last lot of paid invoices pushed me over the tax free threshold ( $18K-ish ) which has activated the column telling me what tax is due & got me thinking which why had to ask. I know I've got few months to tuck away tax that should've been paid on that $18K & yeah I've done my returns on line for as long as I can remember but definately was planning to see an accountant & a gd. mate of mine who's had his business for years has put me on to his so I'll be seeing him. Apparently this software allows for me to e'mail my years numbers ahead of visit or zap them onto a flash drive to take.......along with my shoebox of receipts !
Cheers for bothering to respond though.
stay unvirussed !

 

[LawStudent]

Besides the super. You can claim those other payments through FEG Fair Entitlements Guarantee (FEG) | Attorney-General's Department

Super is via the ATO Unpaid super from your employer

 

[Tim W]

...You can claim those other payments through FEG...

"...can claim..."
This is not quite correct.
A worker is not always and automatically entitled to make a claim throught the FEG Scheme.
Eligibility is conditional.
Have a read have a read of this.