Setting Up Your Expense Tracking for the New Financial Year
Every July, millions of Australian sole traders and freelancers get a fresh start. The new financial year is your chance to fix the habits that made last EOFY painful and set up a system that keeps you organised for the next twelve months. Whether last year was a scramble of lost receipts and late-night spreadsheet marathons or a reasonably smooth ride, a few hours of setup now will save you days of stress next June. Here’s how to set up your expense tracking for the new financial year so that next EOFY is the easiest one yet.
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How to Track Business Expenses as a Sole Trader
If you’re a sole trader in Australia, learning how to track business expenses is one of the most important things you can do for your business. It’s not glamorous work, but it directly affects how much tax you pay, how confidently you lodge your BAS, and whether you sleep soundly if the ATO ever comes knocking. The good news is that with the right system, it doesn’t have to be complicated or time-consuming.
Read More1099 Expense Tracking: A Guide for US Freelancers
If you’re a freelancer in the United States receiving 1099 income, 1099 expense tracking is not optional – it’s the difference between paying thousands more in taxes than you need to and keeping more of what you earn. Unlike W-2 employees, no one withholds taxes for you. No one organizes your deductions. It’s all on you, and the IRS expects detailed records to back up every claim you make.
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