The simplest way to run a business is as a sole trader. All you need to get started is an AustralianBusiness Number (ABN). Sole traders are required to lodge an individual tax return and are taxed at the same rate as an individual. You are required to declare your business income or loss as part of your personal income tax return. Unlike an employee's individual tax return, there are additional details you need to be aware of that are part of the process of lodging a tax return as a sole trader.
You will need to register your business for Goods and Services Tax (GST) if your annual turnover is estimated to be over $75,000 p.a. and you may be required to enter the Pay AsYou Go (PAYG) instalments system. These instalments are pre-payments of your tax for the following year and are credited as tax credits in your income tax assessment.
Not sure how much you need to set aside for taxes? Having trouble getting all your information together? Uncertain how much you can claim in deductions?
We can help you navigate your tax and compliance obligations and ensure you maximise your deductions and keep up to date with all PAYG instalments, Business Activity Statement (BAS) return lodgements, and ensure you lodge your tax return by the deadline.
Preparation of financial statements
Compilation of financial statements
Review of financial statements
Analysis of financial statements
There are multiple structures available when it comes to deciding how to operate your business. It can be important to choose the most suitable structure at the start to avoid costly restructuring and unwanted costly tax consequences.
A Self Managed Super Fund (SMSF) works like any other super fund, with the crucial difference that the responsibility of managing the fund, (including its investment decisions and legal responsibilities) rests solely with the trustee (member).