contact@ munaltax.com

9/2-10 Oatley Court, Belconnen, ACT, 2617

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Get Your First BAS 100% Free,   Free Software for 1st Year,   Small Business Bookkeeping from $3,300,   Company Tax Return from $880 Get Your First BAS 100% Free,   Free Software for 1st Year,   Small Business Bookkeeping from $3,300,   Company Tax Return from $880 Get Your First BAS 100% Free,   Free Software for 1st Year,   Small Business Bookkeeping from $3,300,   Company Tax Return from $880 Get Your First BAS 100% Free,   Free Software for 1st Year,   Small Business Bookkeeping from $3,300,   Company Tax Return from $880
Get Your First BAS 100% Free,   Free Software for 1st Year,   Small Business Bookkeeping from $3,300,   Company Tax Return from $880 Get Your First BAS 100% Free,   Free Software for 1st Year,   Small Business Bookkeeping from $3,300,   Company Tax Return from $880 Get Your First BAS 100% Free,   Free Software for 1st Year,   Small Business Bookkeeping from $3,300,   Company Tax Return from $880 Get Your First BAS 100% Free,   Free Software for 1st Year,   Small Business Bookkeeping from $3,300,   Company Tax Return from $880

contact@ munaltax.com

9/2-10 Oatley Court, Belconnen, ACT, 2617

Book Now
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Tax Returns for Sole Traders & Partnerships

We provide expert tax return services for sole traders and partnerships under the Munal tax system. Our team ensures accurate income reporting, maximizes allowable deductions, and complies with all tax obligations. Whether you’re self-employed or in a business partnership, we simplify the filing process and help reduce your tax liability. Trust us to handle your accounts efficiently, so you can focus on growing your business with peace of mind.

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Sole Traders

A sole trader is the simplest business structure in Australia, where one person owns and runs the business alone, making all decisions and having full control. This structure is easy and inexpensive to set up but carries unlimited personal liability for business debts and losses. You report business income and expenses on your individual tax return and must register your business name if it’s different from your personal name. 

Running a business as a sole trader comes with unique tax obligations. Let Munal Tax guide you through the process, from reporting income to claiming deductions. With our expertise, you’ll streamline your tax return and minimize your tax liability, leaving you more time to focus on growing your business.

Partnerships

A partnership is a group of people or entities who jointly operate a business and share its profits and losses.

You don’t need a written agreement to form a partnership, but having one can help:

  • Avoid disagreements by clearly outlining each partner’s contributions
  • Specify how profits and losses will be divided (equally or based on another arrangement)
  • Define how the business will be run and managed

If there’s no written agreement, profits and losses are split equally among all partners by default.

Other Key Points:

  • Partners are not employees of the partnership, but the partnership can hire employees.
  • Each partner is responsible for their own superannuation contributions.
  • The partnership must pay superannuation for any employees it hires.

Sole Traders

What It Means to Be a Sole Trader
As a sole trader in Australia:

• You use your personal Tax File Number (TFN) when lodging your tax return.
• All income, including business earnings, is reported in your individual tax return — there’s no separate tax return for your business.
• You’re eligible for an Australian Business Number (ABN), which you must use for all your business dealings.
• You must register for GST if:
• Your annual GST turnover is $75,000 or more
• You provide taxi, ride-sourcing, or limousine services, regardless of turnover
• You want to claim fuel tax credits
Reporting & Tax Obligations
You may need to lodge Business Activity Statements (BAS) if you:

• Are registered for GST
• Have employer responsibilities, like PAYG withholding
• Pay PAYG instalments
• You pay tax on your total income, including business profits, at your personal tax rate.
• You may need to make PAYG instalments to prepay income tax — this can be voluntary or required.
• If you make personal super contributions, you may be able to claim a deduction after notifying your super fund.
Employees and Deductions
• You can hire workers and must meet all employer obligations, including superannuation.
• You can claim a deduction for any wages, salaries, or allowances paid to your employees.
• However, you cannot claim a deduction for any money or assets you withdraw from the business for personal use.

Partnerships

Main Tax Responsibilities of a Partnership
A partnership has several tax-related duties, including:

• Having its own Tax File Number (TFN)
• Lodging an annual partnership tax return, which details all income, deductions, and how profits or losses are divided among the partners
• Registering for an Australian Business Number (ABN) and using it for all business dealings
GST and BAS Requirements
A partnership must register for GST if it:

• Has a GST turnover of $75,000 or more ($150,000 for not-for-profits)
• Offers ride-sourcing, taxi, or limousine services, regardless of turnover
• Wants to claim fuel tax credits

If the partnership is registered for GST, has employees, or pays PAYG instalments, it may need to lodge Business Activity Statements (BAS).
Tax Payments and Reporting
• The partnership itself doesn’t pay income tax.
• Each partner must report their share of the net income or loss in their personal tax return and is individually responsible for any tax owed.
Drawings and Deductions
• Partners can’t claim deductions for money or assets they withdraw from the business.
• Drawings (money taken from the partnership) are not considered wages for tax purposes.
• These amounts may affect how much partnership income is taxable for each partner.
Changing Partnership Structure
If the partnership changes (e.g. adding or removing partners), you'll need to understand and follow the necessary tax and registration steps to stay compliant.

We help you register business, meet ATO Compliance and tax obligations.
Other Key Points:
• Partners are not employees of the partnership, but the partnership can hire employees.
• Each partner is responsible for their own superannuation contributions.
• The partnership must pay superannuation for any employees it hires.

What Small Businesses Can Claim

As a small business owner, you may be entitled to a range of valuable tax concessions designed to reduce costs and support your growth. Some of the key benefits include:

● Instant Asset Write-Off – Claim an immediate deduction for assets costing less than $20,000.

● Lower Tax Rates – Companies benefit from a reduced corporate tax rate of 25%, while unincorporated businesses may receive a 16% discount (up to $1,000).

● Simplified Stock Rules – Skip the stocktake if your trading stock’s value hasn’t changed by more than $5,000 during the year.

● Prepaid Expense Deductions – Immediately deduct certain prepaid business expenses under $1,000.

● Start-Up Cost Deductions – Claim immediate deductions for eligible business set-up expenses.

● Capital Gains Tax Concessions – Access exemptions or reductions on CGT when selling your business, depending on your ownership period and age.

These concessions can make a big difference to your bottom line. At Munal Tax, we’ll help you identify what applies to your business and ensure you maximize every opportunity.

Supporting Small Business Growth

At Munal Tax, we believe partnerships should be built on creating real value for small businesses. By working with us, our partners can extend comprehensive tax support to their clients, helping them access valuable concessions that reduce costs and encourage growth. These opportunities ensure that business owners not only stay compliant but also maximize every saving available to them. Through our partnership approach, we guide businesses to take advantage of concessions such as:

● Instant Asset Write-Off for assets under $20,000.

● Lower Tax Rates, including the reduced 25% corporate rate or a 16% discount for unincorporated businesses.

● Simplified Stock Rules for businesses with minimal stock fluctuations.

● Prepaid Expense and Start-Up Cost Deductions to ease cash flow.

● Capital Gains Tax Concessions when selling a business, subject to eligibility.

By partnering with Munal Tax, you strengthen your service offering, support client success, and benefit from our expertise in tax strategy. Together, we create opportunities for business growth, long-term savings, and shared success.

Smart Solutions for Small Businesses

At Munal Tax, we provide expert tax and accounting services tailored to the needs of sole traders, partnerships, and small businesses. From BAS lodgments and bookkeeping to tax returns and growth advice, we simplify the numbers so you can focus on running your business with confidence.

Small Tax Business

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Company & Trust Tax Returns

Ensure compliance, maximize deductions, and stay on top of your obligations.

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Bookkeeping & Payroll

Get your weekends back with Munal Tax Bookkeeping Services.

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