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).
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.
We can help you and your business partner navigate your taxes throughout the year
You may run your business by yourself, but you don’t have to worry about your financial obligations on your own
We have more than 40 years experience guiding owners through their business accounting and corporate tax obligations