As described here, I earn extra money (around $7000 per year) from a second job, in which I am running a business as a sole trader. Due to the nature of the work, I am mostly paid in cash, and deposit the cash in the bank once every couple of weeks. When I do my tax return, how do I declare this extra income? Is it sufficient to provide my bank statements showing the money that I have deposited, or is there anything else required?

  • 1
    Presumably there's some Form where you enter Income, and Expenses, subtract the two and then add to the main form. Also, this might help: rounded.com.au/blog/tax-for-sole-traders
    – RonJohn
    Jun 7, 2019 at 2:21
  • 1
    Regarding separate accounts (as touched on in anonymous's answer), some/many banks will not like you "doing business" through a personal account and may insist you open a separate business account. See this question and its answers (disclaimer: one of the answers is mine).
    – TripeHound
    Jun 7, 2019 at 6:56
  • @TripeHound are the bank fees on business accounts tax deductible?
    – 1123581321
    Jun 7, 2019 at 22:01
  • @1123581321 Sorry, no idea.
    – TripeHound
    Jun 7, 2019 at 23:39
  • I hope you're making quarterly estimated payments!
    – RonJohn
    Sep 10, 2019 at 0:52

1 Answer 1


The tax return has a section for completing business income. Reporting sole-trader income is very straightforward and easy to complete using MyTax online. As a sole-trader your business income is simply part of your normal personal tax return.


You don't need to provide any supporting documents when completing the return, but may be required to show evidence if you're audited in the future. I use separate personal and business bank accounts to make it easier to document income and expenses, but for a sole-trader it's not necessary.

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