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How Does a Sole Trader Pay Themselves

  Рет қаралды 2,508

Ethan Rooshock

Ethan Rooshock

Күн бұрын

Пікірлер: 26
@EthanRooshock
@EthanRooshock Жыл бұрын
What topic do you want to see me cover next?
@echoztrip
@echoztrip Жыл бұрын
You've already done a video on the changes to the instant tax write off, but it would be good (unless you already have) to do a video on purchasing an EV/Hybrid (with all the upcoming changes included too) as per www.ato.gov.au/businesses-and-organisations/hiring-and-paying-your-workers/fringe-benefits-tax/types-of-fringe-benefits/fbt-on-cars-other-vehicles-parking-and-tolls/electric-cars-exemption - It would good to understand if there are any exceptions, for example, if my ABN is purely for a company and family trust and not an actual operating business (just receives dividends from another business).
@noahstriparoundoz4115
@noahstriparoundoz4115 2 ай бұрын
Great video Ethan.. Question about superannuation. If I'm a sole trader with no other income and decide to pay myself $25k super. Does this come from my profit (on which I pay tax), which I can then claim as a deduction?
@EthanRooshock
@EthanRooshock 2 ай бұрын
It would be claimed in your tax return, so would reduce your taxable income. If you just have sole trader income, in essence it is reducing your taxable income which would initially come from the sole trader profits.
@moneymoneymoney_534
@moneymoneymoney_534 2 ай бұрын
hey so Im wondering...is paying yourself just a matter of...sending payment from one bank account to another? or do you need some sort of papers for this?
@EthanRooshock
@EthanRooshock 2 ай бұрын
As a sole trader you don't need to do anything in particular as you are taxed on profits.
@moneymoneymoney_534
@moneymoneymoney_534 2 ай бұрын
@@EthanRooshock hey man I have another question but not exactly related to the video I did receive monetisation last year but I did yt as a hobby. But this year, im trying to be a sole trader and my channel name is different from my actual name. But all the formal documentations that I signed making the google adsense account that was linked into that channel, and the google adsense invoice money that Im already receiving each month from google is under my legal name, lets say "Rob", do I still need to register for a business name for my channel name lets say "iplaygames" through ASIC? Does that constitute me doing business using a different name?
@EthanRooshock
@EthanRooshock 2 ай бұрын
@@moneymoneymoney_534 Probably would get a business name to cover yourself
@FrugalFunMum
@FrugalFunMum Жыл бұрын
This was great!
@EthanRooshock
@EthanRooshock Жыл бұрын
Thanks!
@KingstonClarke-z8y
@KingstonClarke-z8y 3 ай бұрын
Sorry I am stupid but if I withdrawal 50k when I do my tax return what do I link to because we ain't that business bank account b empty
@EthanRooshock
@EthanRooshock 3 ай бұрын
I don't know what you mean by link to sorry.
@ayodike
@ayodike 7 ай бұрын
Thank you.
@EthanRooshock
@EthanRooshock 7 ай бұрын
Welcome!
@braydenborbely
@braydenborbely Жыл бұрын
Hay I am the First. Looking official here buddy.
@EthanRooshock
@EthanRooshock Жыл бұрын
Thanks for watching!
@braydenborbely
@braydenborbely Жыл бұрын
Hay I am a travel nurse and want to buy a car, (and want to see different options on how much I can claim and how many years I can claim a tax deduction.). and I also do some extra work auditing their books. I do this for free and want to set a business so I can claim the hours I work extra as a loss. If you make this video I will share it to the 5000 people on my travel nursing website. You make excellent content and glad I found you now, already sharing your content with my colleagues.
@EthanRooshock
@EthanRooshock Жыл бұрын
Thanks, glad you've been finding the content helpful. I'm a little confused on what topic you want me to cover. Just the general topic of claiming a car? Or claiming a car as a business (I have done that topic awhile ago)?
@braydenborbely
@braydenborbely Жыл бұрын
@@EthanRooshock Thankyou for listening to your viewers. Last financial year I did my own taxes as a travel nurse (and claimed 19k), when I asked an account to complete them they added an extra $5k to my return. So I was wondering if you could go through things I can claim, (specifically as a travel nurse, not including the obvious shoes and laundry) Also I spend a little extra time at work each day doing audits. I am not contracted to do this, it is something I am interested in doing and brings value to me as an agency nurse. I want to create a business that helps me to claim this a loss to help save more tax. I am currently paying the highest bracket and it is basically half my income to tax. I would like to move my stock portfolio to the business because it is being taxed at 45%, and use the business to reduce my taxable income. I would love to watch your video about cars and see if I have any more questions, Sincerely thank you, just being able to communicate with you is nice.
@braydenborbely
@braydenborbely Жыл бұрын
After watching your video, can I ask, as I work for an agency, but I must have a car for work. So if I was to run a business which holds my asserts (stocks) and I buy a car through the business, (and the business allows me to use the car) how would this affect me via fbt. Even if you do not go into this much detail I will ask (so when I promote your materials to my agency) how can travel nurse save on tax and how can we save on cars? I have spoken to my agency already and they are really excited if you make some travel nursing content because it boost their business. Win win. Last again thankyou, just the consideration is greatly appreciated.
@braydenborbely
@braydenborbely Жыл бұрын
Okay I have watch all your videos now here is my two videos I would like 1) a video on travel nursing tax, specific tax laws etc related to nursing in outback or country, and required to be away from home and travel long distances to work. My agency has asked if you have a referral code or a deal for people to (like for anyone who like the video get A, or use this referral code and I will give you X amount off your tax return), this will improve the video value for the agency nurses. They have made a conservative effort to inform to ensure that the video will need director approval before anything is accept, and can not be accepted. But they are interested in this offer. 2) I want to subcontract myself out to my current agency, and have this business hold my stock and receive income from me which it then pays me, and I received the minimum WACHS (western Australia country tax health services) award rate and the rest goes into the business. (I eventually want to use this capital to invest) and then as I am director when I want to receive a dividend or when I work on my passion projects and want to claim those extra hours I work for free as a loss, I can. This also directly related the fringe benefits tax I would have using the company car. Also the business makes around 240-300k a year and is profitable for $60k.(by my early calculation), For reference. If number two still does not make sense then just let me know.
@EthanRooshock
@EthanRooshock Жыл бұрын
I've done videos talking about non-commercial loss rules that might help with some of this. You can't just start a business that doesn't earn money and create losses to offset other income.@@braydenborbely
@peterinoz4502
@peterinoz4502 Жыл бұрын
Just don’t spend all the 50k profit because you’ll need to pay the tax on it eventually
@EthanRooshock
@EthanRooshock Жыл бұрын
Yes very true!
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