Sole Trader

You may run your business by yourself, but you don’t have to worry about your financial obligations on your own.

Book an appointment with an
ITP Business Tax Accountant

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Become a sole trader with long term success

Trading a business as a sole trader is the simplest form of business structure. As a sole trader, you’ll own and manage your business with your own Australian Business Number (ABN), but you are personally responsible for your business taxes, debts and liabilities.

You must report all of your business income using your Tax File Number (TFN) and pay income tax on your combined personal and business income with Pay-As-You-Go (PAYG) instalments. If your business has employees, you are responsible for withholding tax from their wages and paying their superannuation. If your business earns over $75,000 per annum, you will need to collect and pay the Goods and Services Tax (GST) and lodge your Business Activity Statement (BAS) at a time directed by the Australian Taxation Office (ATO).

Our Services

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Tax Accounting

ITP Tax Accountants will help you with your business finances, from preparing statements, managing your tax obligations and providing valuable financial and business growth advice. Our accountants can assist with income tax returns, business performance providing you with reporting and strategy to cut costs and improve your financial position.

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Bookkeeping

Business records need to be kept for 5 years. It’s imperative to make sure you’re legally compliant as well as to see your real-time cash position in order to make financial decisions. ITP Tax Accountants use the latest accounting cloud software to make sure your records are in good order. We’ll set you up or use your ongoing platform.

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Assistance

As a client of ITP The Income Tax Professionals, you’ll have year round support from your local consultant. We’ll help you stay organised and gear your business to make great financial decisions as well as advise ways to maximise your tax returns, as well as employ tactics for purchasing capital, depreciating equipment and assets and reducing your overall tax liability by maximising all of your claims.

Man in Business Attire

Choosing the right accountant and bookkeeper for your business can help you maximise your business income. As a sole trader, you’ll need help managing the finances of your business, as well as your taxation obligations.

"As someone new to sole trading, I had no absolutely no idea where to begin when it came to my tax return. My Tax Accountant at ITP was amazingly helpful and not only made the whole process simple and straight forward, but somehow actually enjoyable. I couldn't recommend him enough. I'll definitely be back next financial year."

Carl F
Sole Trader

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Start Today

Taking the first step is quick and easy. Simply fill out the form below and one of our ITP Business Tax Accountants will be in touch to answer any questions you may have.