In this Video, I will walk you through stepbystep on how I fill the business income schedule of the Australian Individual tax return as a sole trader using myTax, after linking your myGov account with the ATO, or Australian Tax Office.

Common questions I get asked are "What's myGov" and "How to connect ATO to myGov?" and "how do i link ATO to myGov ?". Also, I often get asked "how do I prepare my tax return in Australia if I earned income from driving for Uber Eats, Uber Ride sharing, Amazon delivery driver, or selling products on eBay or Etsy". Sometimes its I'm an Instagram influencer or a Youtuber or an artist. Then I get asked, is this business income and do I declare it as employment income, personal service income (PSI) or business income? Hopefully this video will guide you to where you can find the answers.

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CHAPTERS
0:00 Intro
0:23 Sole Trader Tax Return for individuals and updating details
1:18 Australian Resident for Tax Purposes
1:49 Were you a sole trader or had Business income or losses?
3:00 Personal Service Income or PSI Test
6:23 Completing the Business income or loss section of sole trader tax return
7:51 Main business or professional activity
8:11 Status of business
9:12 Net Primary Production or Net Nonprimary production?
10:22 Other business income
11:04 Cost of sales
12:17 Other expenses
13:49 Total nonprimary production net income or loss from business
14:25 Other business and professional items
14:31 Fixing Errors Messages
14:57 Claim or defer Business Tax losses PSI vs NonPSI losses
15:40 Completing the rest of the individual tax return

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DISCLAIMER: it is important to note that the information in this video is for general information and entertainment purposes only and is not a replacement for professional advice. Money with Dan is not a financial advisor. You should consider seeking independent legal, financial, taxation or other advice to check how the information in this video relates to your unique circumstances.

myGov gives you access to many government online services in one place, including the ATO. You can Link your myGov account to the ATO and you can manage your business and tax online.

How to link ATO with myGov
Sign in to your myGov account then Select the Services tab on the myGov home page.
Under the heading Link a service select Australian Taxation Office and choose Questions specific to you and answer two questions about information relevant to your tax record.

myGov how to link ATO
These steps will demonstrate how to link myGov to ATO step by step
1. Go to my.gov.au and sign into your account
2. Now, navigate to the Services page.
3. On the list of member services, find ‘Australian Taxation Office’ and select to start the linking process.
4. You will need to agree to myGov storing your legal name and date of birth.
5. You will now need to provide additional information to identify your ATO record. You need to confirm your identity by answering a series of questions specific to you.
6. This will include providing your tax file number, given name, surname and date of birth.
7. Enter information carefully and accurately so that it will match your details held by the ATO.
8. Read and agree to the terms and conditions and select ‘Next.’
9. You will also need to answer two questions – specific to you
10. You have successfully linked your myGov account to your ATO record.
Here's how to link ATO to myGov and how to connect myGov to ATO
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