Explaining taxable income

Paying income tax can be a daunting process for many professionals working in a variety of industries. When it comes to the phase “taxable income”, this refers specifically to a gross or adjusted gross income, after any deductions, exceptions or other adjustments.

Your taxable income is based on your annual earnings and there are a number of different laws that may affect what you can include in your assessable income, what deductions you can make and what losses or gains you must report.

You must lodge a tax return for every year that you earn a taxable income. The tax you pay will be determined by the amount of taxable income you earn, in addition to a number of other potential factors.

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Here at BaseHQ we have over 50 years of experience working with both businesses and individuals. For further information or if you have any questions that you feel are unanswered with regards to sole traders, our teams are expertly capable of providing advice and guidance.

Contact us for an obligation-free strategy session and see for yourself how we can help you select the most appropriate business structure for your individual needs today.

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