--- title: Tax for the Self Employed description: Tips and tricks for people who are self employed, sole traders, and people in a business partnership. We cover deductibles, superannuation, tools, and the Australian Tax Office ATO image: https://www.beyonddebt.com.au/hubfs/accounting-alone-analysis-938963.jpg --- ![Top bar image](https://www.beyonddebt.com.au/hubfs/Assets%202019/Top%20bar%20image.jpg "Top bar image") ###### ![](https://www.beyonddebt.com.au/hubfs/Assets%202019/Tv.svg)Did you see us on TV? - [Click Here](https://www.beyonddebt.com.au/debt-help) ![Close](https://www.beyonddebt.com.au/hubfs/Assets%202019/Close.svg "Close") [![Logo](https://www.beyonddebt.com.au/hs-fs/hubfs/Assets%202019/Images/Beyond%20Debt%20black.png?width=560&height=128&name=Beyond%20Debt%20black.png "Logo")](https://www.beyonddebt.com.au) [![Logo](https://www.beyonddebt.com.au/hs-fs/hubfs/Assets%202019/Images/Beyond%20Debt%20white.png?width=560&height=128&name=Beyond%20Debt%20white.png "Logo")](https://www.beyonddebt.com.au) #### [![Phone](https://www.beyonddebt.com.au/hubfs/Assets%202019/Images/Button%20Copy.svg)**1300 284 091**](tel:1300%20284%20091) #### [![Phone](https://www.beyonddebt.com.au/hubfs/Assets%202019/Images/Button%20Copy.svg)![](https://www.beyonddebt.com.au/hubfs/Beyond%20Debt%20October2017/small-icon.svg)**1300 284 091**](tel:1300%20284%20091) [![Free Consultation](https://no-cache.hubspot.com/cta/default/2583772/02eddd09-66a0-4e61-9e59-63ae64bfd94a.png)](https://cta-redirect.hubspot.com/cta/redirect/2583772/02eddd09-66a0-4e61-9e59-63ae64bfd94a) #### [1300 284 091](tel:1300%20284%20091) - ##### [Eliminate Debt](https://www.beyonddebt.com.au/blog/topic/eliminate-debt) [## How to Get Out of Debt in 2026: The Australian's Step-by-Step Guide (And Free Budget Planner) ](https://www.beyonddebt.com.au/blog/take-control-of-your-debt) [Read Article](https://www.beyonddebt.com.au/blog/take-control-of-your-debt) - ###### [Personal Finance Basics](https://www.beyonddebt.com.au/blog/topic/personal-finance-basics) - ###### [Handle Money](https://www.beyonddebt.com.au/blog/topic/handle-money) # [Tax for the Self Employed](https://www.beyonddebt.com.au/blog/tax-for-the-self-employed) - ###### Kristin Perissinotto - ###### 16 Jun 2018 ###### LATEST ARTICLES - Personal Finance Basics - Handle Money [Back to blog](https://www.beyonddebt.com.au/blog) - Share - [**](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.beyonddebt.com.au%2Fblog%2Ftax-for-the-self-employed) - [**](https://www.twitter.com/share?url=https%3A%2F%2Fwww.beyonddebt.com.au%2Fblog%2Ftax-for-the-self-employed) - [**](http://www.linkedin.com/shareArticle?mini=true&url=https://www.beyonddebt.com.au/blog/tax-for-the-self-employed) This month we've been talking all things tax, covering topics such as [needing an accountant](https://blog.beyonddebt.com.au/do-i-need-an-accountant), tax on [cryptocurrency](https://blog.beyonddebt.com.au/tax-and-crypto), and [investing your ](https://blog.beyonddebt.com.au/investing-your-tax-return)[tax re](https://blog.beyonddebt.com.au/investing-your-tax-return)[turn](https://blog.beyonddebt.com.au/investing-your-tax-return). Today's topic will be tax for the self employed. If you work for yourself, we have collated a few tips to help you navigate the end of financial year. ![superannuation super retirement](https://www.beyonddebt.com.au/hs-fs/hubfs/pexels-photo-167300.jpeg?width=450&name=pexels-photo-167300.jpeg) ## Superannuation As someone who is self employed (or in a business partnership), you do not have to make super contributions. However, you may want to consider making them anyway, so you can cash out after your retirement! Another reason to make super contributions is of course, a tax deduction. You may be able to claim deductions on any superannuation contributions you make. ## Set Aside Tax Money Hopefully this tip isn't coming to you too late, but it is integral to put aside money each time you have money coming in to pay your tax bills. Many self employed people will set up a tax account and deposit money into it each time a payment comes in. It is safest to put aside more than you anticipate you will have to pay - you can always take the money out after tax time and use it for something else (after you know you have enough to pay your bill!). ![personal business sole trader self employed](https://www.beyonddebt.com.au/hs-fs/hubfs/accounting-alone-analysis-938963.jpg?width=450&name=accounting-alone-analysis-938963.jpg) ## You are your Business When you have a business as a sole trader or are one half of a partnership, there is no division of your business and personal assets. This means you have a personal responsibility for your tax contributions, and avoiding them could mean fines, or, in dire cases, danger to your personal assets. ## Deductibles Deductibles are the main way to reduce your tax payments, and can be claimed on most expenses that you incur to undertake your business. Check with an [accountant](https://blog.beyonddebt.com.au/do-i-need-an-accountant) to be sure which costs are eligible to use as a deduction, as there are different structures for different types of businesses, and it's not something you want to get wrong! You might be tempted to try claiming everything from work outfits to the coffee machine, to pretty (but unnecessary) matching stationery, but the risks far outweigh the benefits! ![tax deductibles](https://www.beyonddebt.com.au/hs-fs/hubfs/1024x768_wallpaper03-e1424450581446.jpg?width=450&name=1024x768_wallpaper03-e1424450581446.jpg) ## Tools to Help You Getting your head around tax as someone who is self employed, a sole trader, or part of a business partnership can be tricky! We've collected some tools for you to use that will make things a bit easier. [Australian Tax Office (ATO) tax calculators](https://www.ato.gov.au/Calculators-and-tools/?sorttype=Search) The ATO has a variety of different calculators that can give you answers to your tax questions! Their top 10 are listed on the site, but you can perform a search to find even more calculators for your specific tax needs. [Beyond Debt Blog](https://blog.beyonddebt.com.au/more-money-wasters) We have published blogs with all the answers to your tax questions this month! Check out our backlog to catch up, and stay tuned for more coming in the next few weeks. [ASIC's Money Smart](http://www.moneysmart.gov.au/) Government funded, Money Smart is a site you can trust to give you all the tips and tricks you need to get through tax time as stress free as possible! Just look through the subheadings or use the search bar to find the information you need.   ###### Ready to become debt free? #### Take the first step to a debt free future [Ready to become debt free?](https://info.beyonddebt.com.au/request-a-consultation) ### You might find these interesting - ##### [Personal Finance Basics](https://www.beyonddebt.com.au/blog/topic/personal-finance-basics) ## [The Worst Degrees to Study](https://www.beyonddebt.com.au/blog/the-worst-degrees-to-study) - ###### Ben Paris - ###### 06 Jul 2022 - ##### [Personal Finance Basics](https://www.beyonddebt.com.au/blog/topic/personal-finance-basics) ## [Couple’s Money – How to Budget Together](https://www.beyonddebt.com.au/blog/couples-money-how-to-budget-together) - ###### Ben Paris - ###### 06 Jul 2022 - ##### [Personal Finance Basics](https://www.beyonddebt.com.au/blog/topic/personal-finance-basics) ## [The 10 Cheapest Places to live in Australia](https://www.beyonddebt.com.au/blog/the-10-cheapest-places-to-live-in-australia) - ###### Ben Paris - ###### 01 Jun 2022 - [Personal Finance Basics (126)](https://www.beyonddebt.com.au/blog/tag/personal-finance-basics) - [Handle Money (100)](https://www.beyonddebt.com.au/blog/tag/handle-money) - [Everyday Expenses (61)](https://www.beyonddebt.com.au/blog/tag/everyday-expenses) - [Affordable Living (50)](https://www.beyonddebt.com.au/blog/tag/affordable-living) - [Build Savings (33)](https://www.beyonddebt.com.au/blog/tag/build-savings) ## Ready to become debt free? #### Speak with one of our specialists to start your future [![About Beyond Debt](https://no-cache.hubspot.com/cta/default/2583772/e771166e-724a-4461-9ee9-fd819c4c0fe2.png)](https://cta-redirect.hubspot.com/cta/redirect/2583772/e771166e-724a-4461-9ee9-fd819c4c0fe2) [![Get Help](https://no-cache.hubspot.com/cta/default/2583772/8ac6a951-8425-44d9-91d4-0928fca0084e.png)](https://cta-redirect.hubspot.com/cta/redirect/2583772/8ac6a951-8425-44d9-91d4-0928fca0084e) #### [![Phone](https://www.beyonddebt.com.au/hubfs/Assets%202019/Images/Button%20Copy.svg)![](https://www.beyonddebt.com.au/hubfs/Beyond%20Debt%20October2017/small-icon.svg)**1300 284 091**](tel:1300%20284%20091) - ![Family-Owned-transparent-300x158](https://www.beyonddebt.com.au/hs-fs/hubfs/Assets%202019/Images/Family-Owned-transparent-300x158.png?width=115&name=Family-Owned-transparent-300x158.png) - ![pipa_logo_transparent_300w_100h](https://www.beyonddebt.com.au/hs-fs/hubfs/Assets%202019/Images/pipa_logo_transparent_300w_100h.png?width=151&name=pipa_logo_transparent_300w_100h.png) - ![Feefo](https://www.beyonddebt.com.au/hs-fs/hubfs/Feefo.png?width=115&name=Feefo.png) ##### Debt Help ##### Company ##### Resources Beyond Debt is a trading name of DCS Group Aust Pty Ltd. 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