Tax time is extremely difficult for everyone. Some people can be pros, some make sure they are always prepared but others… it can be very stressful and confusing.
Financing your own money is always a struggle and taxes do not make it any easier.
The last chance to lodge your tax return on time is the 31st of October, any time afterwards is considered late lodging.
With the tax deadline approaching quickly it's shocking that 47% of self-employed people are still yet to file their own tax return.
1.5 million Australians are self-employed, this can be beauticians, therapists, contractors, hairdressers and more.
They are having to spend on average $1000 in preparation for their tax return but 50% of those people who have received their assessment have reported a lower rebate compared to previous years.
According to the latest Hnry Sole Trader Pulse, 17% of self-employed people admit that they haven't even started preparation for the tax return that is due in just a few days.
Karan Anand, Managing Director of Hnry Australia, explained, "By their very nature, Australia's 1.5 million sole traders are self-reliant go-getters - contributing to a thriving sector that grows by 50,000 annually."
"However, tax season can be a confusing and stressful period for many independent earners who have to spend even more time and money on their financial affairs to meet their tax obligations."
If you don't file your tax return on time, the ATO can apply a number of sanctions and penalties to make you lodge or penalise you for lodging late.
There are many alternative options for payment if you can't pay the amount on time. A late payment is better than lodging too late.
So what can you do?
Hnry is the world's first digital accountant and tax automation service for sole traders.
It's an 'all-in-one' accounting service and they're on a mission to make self-employment simple, affordable and accessible for all.
Hnry exists to support sole traders and get their affairs in order with peace of mind, so they can focus on the more enjoyable parts of being their own boss.
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