What are the main tax obligations for a sole trader in Australia?

As a sole trader in Australia, you have several key responsibilities: 1. **Income Tax:** You report your business income and expenses in your individual tax return. You pay tax at the same rates as an employee. 2. **ABN:** You must use an Australian Business Number on your invoices. 3. **GST:** You must register, charge, and lodge BAS if your turnover is $75,000+. 4. **PAYG Instalments:** You may need to pay tax in quarterly instalments after your first year of profit. 5. **Record Keeping:** You must keep records of all income and expenses for 5 years. 6. **Superannuation:** You aren't required to pay yourself super, but you must pay it for any employees you hire.

• Business and personal tax are combined
• Use your personal TFN for lodgment
• GST registration needed at $75k turnover
• PAYG instalments help manage cash flow
• Records must be kept for 5 years