New Business filing tax return?

[guideanna]

hi all,

Query on new business that started up in August 2014.

Would they be filing tax return for 4/5 months of 2014 in Oct of 2015 or does it carry over to2016?

 

[srase]

If you are a sole trader the first tax year is always made up to December in the first year. So you will be required to submit a tax return for first five months.

 

[guideanna]

thats what i thought ok thanks.

 

[guideanna]

actually can i also ask a quesiton then about the Back to Work Scheme, where you are exempt from tax for firls 2 years of trade?
Would that mean 5mts of 2014,all 2015 and 7 months of 2016 are tax free, or just 2014 an 2015?