Do i need to lodge 2 separate tax returns?

Question

Do i need to lodge a individual tax return and a business one separately? I worked as my own business for 3 months. The rest of the time was under an employer.

Answer 1

It depends... are you operating your business as a sole trader? If so, do it in the one tax return under your own single legal entity (ABN). If you're operating your business through a company or a partnership (separate ABN) then the legal entity is not just you... see an accountant.

Answer 2

Yes. Personal Tax and Business Tax are charged differently etc.

See an accountant and they will help you sort it out along with GST etc. However if you don't have an ABN or registered company or your income as a business was minimal you can probably get away with it. If you just mean wages you paid yourself whilst you were self-employed, then no that goes on your Individual Tax Return. See an accountant to clarify and make sure though. You should be able to just ring and ask and it won't cost you anything.