tax return with abn income

ABN is a unique 11 digit number that identifies your business to the government and community. ABN will not replace your tax file number, and you can use it for tax and other business. If you have an ABN that is registered as a sole trader, this acts as individual for tax purposes, you can also report expenses as a business tax return. ABN is required to track the business transaction for tax purposes. You need to carry an enterprise to be entitled to an ABN, this means you are responsible for your own income tax, super, and GST.

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ABN is registered as a sole trader, so you are treated as individuals for tax purposes, you can file your expenses and income in your individual tax return.

Individual taxpayers and sole traders pay the same tax at the individual tax rate. Time to time the rates get changed so you need to stay updated on the year you are reporting on.

It is always advisable to seek advice from your tax advisor for income tax returns.

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