Are you already running or considering starting a business as a sole trader? Our sole trader accountants can help as we specialise in bookkeeping, accounting and tax services for self-employed individuals and small businesses.
What is a Sole Trader?
A sole trader is the simplest form of business structure that is easy and cheap to set up.
You are a sole trader if you personally own, control and manage a business under your personal legal name, use your Tax File Number (TFN) and or apply for an Australian Business Number (ABN), for your business dealings.
You are personally responsible for all aspects of the business, including profits, losses and unlimited liabilities if things go wrong.
Sole Trader Tax Return
The Australian Taxation Office (ATO) differentiates between Individuals and Non-Individuals. Individual is a term used to distinguish natural individual persons. Because a sole trader is a natural person, you are taxed as other normal individuals, pay income tax at individual tax rates and lodge an Individual Tax Return under the sole trader and or business schedules.
There is no seperate tax return for a sole trader.
A sole trader uses his TFN and ABN to lodge the sole trade business affairs in an Individual Tax Return.
Do I need a Bookkeeper or Sole Trader Accountant? You need Both; as managing your sole trades’ financials is like to build a home, which you need tradesman, architect and engineer. When partnering with us, your business will be allocated with a sole trader to provide you with a full-house service.
Sole trader Bookkeeping
You are required to keep accurate records of your income and sole trader business expenses in order to report your business income or losses to the Australian Taxation Office.
Our bookkeeper can help to manage your business’ financials and compliance by keeping precise transactions on invoicing, accounts payable, receivable, bank reconciliations, financial journal entries and payroll. Our bookkeeper can also assist with ensuring employees file the right documents for payroll and contractors submitting invoices.
Sole trader accountant Melbourne
Our dedicated sole trader accountants can help:
- Produce profit and loss statements and balance sheet
- Analyse your financial situation and offer strategic ways to reduce costs
- Prepare and lodge Business Activity Statements
- Review your salary / wages and investments
- Review your business assessable income and deductions
- Claim Capital Gains Tax Concessions if your business's turnover is less $2m
- Claim other Small Business Concessions if your turnover is less $5m or $10m.
- Prepare and Lodge your Tax Return
Other Sole trader Services
Apply Sole Trader ABN
Sole Trader Business Name
GST Registration
PAYG Application
Business Advisory
OUR CERTIFICATIONS
Tax Agent 25805626
Xero Partner
Xero Certified Advisory
MYOB Partner
DID YOU KNOW TAX AGENT FEES ARE DEDUCTIBLE?
MAXIMISED TAX RETURN GUARANTEED
FREE SOLE TRADER TOOLS
- Tax Calculator Australia
- Sole Trader BOOKKEEPING SOFTWARE FREE
- Sole Trader Bookkeeping Spreadsheet Australia
- Sole Trader Frequently Asked Questions
- Super Contribution Calculator
- Rental Income & Expenses Template MS Excel
- Tax Deductions Cheat Sheet
- Tax Minimisation Tips & Planning for future yr.
- Income Tax Checklist
SCHEDULE a Free TAX STRATEGY SESSION NOW
0402 882 075
MAXIMISED TAX RETURN GUARANTEED!
SOLE TRADER CLIENTS REVIEWS
Tax & Accounting House is a brilliant accountancy firm. I have been a customer for over 2 years and it’s the most efficient, smooth and knowledgable service I have ever received. Highly recommended for basic to advanced accountancy and taxation requirements. Thanks
Liam Grimes
InvestorThanks for fixing the sole trader jobkeeper application and also bringing my sole trader taxes and tax returns up to date. My partner and I are now free from this sole trader bookkeeping and tax lodgement stress. Veronique is one of the most knowledgeable, informative, and professional accountants we've had. Absolutely recommend her service.
Anh Tran
Event OrganisorExcellent service. I am extremely happy and will definately recommend Tax & Accounting House. This is my first year being self employed. I had no idea how to do my tax. I called them asking basic questions, spoke to Veronique, she explained everything clearly and concisely, and always replys promptly to my emails. Thank you
Dominus Vern
Sole TraderExcellent & prompt service. My first time using a local tax accountant near me and will definitely use her service again. They're highly knowledgeable in tax and accounting. Highly recommend.
Shen Shing
Sole TraderI received very good service from veronika. She explained everything in details. thanks for doing my sole trader tax return.👍
Tarun Patel
Sole TraderThe best service I have had