Do you carry on a business in your own name?
While starting as a sole trader can seem simpler than registering a company or setting up a trust, there are still similar administrative obligations, but the tax consequences can be drastically different. By trading in your own name, you also open yourself up to unlimited liability and are restricted in taking on additional investors.
We help sole traders navigate their obligations, including ABN and GST registration required under Australian taxation legislation. We can also assist with advice when it comes to the non-commercial loss rules.
Sweeter by Cake Accounting, our managed accounting solution can also help sole traders by completing their administrative obligations, allowing them to focus on growing their business.
When the time comes that you outgrow being a sole trader, we can help with advice on the most effective way to restructure with consideration to both tax and your risk profile.
If you are a sole trader and would like assistance with your compliance, or want an obligation free meeting to discuss restructuring your business for growth, contact us today on 1300 884 797.