As a sole trader, you are likely to need the guidance of a business accounting specialist to help you get started and ongoing support.
Assuris FIG accountants tailor advice on all aspects of running a business, from start-up through to growth and expansion. Essential to sustainable growth is business planning, financial management and compliance.
As your business starts to thrive and not rely on cash injections from the owner, we then look at tax effective business structures to start building wealth and retaining it.
If you are looking at starting a business, or already have started trading, now is the right time to speak with a business accounting professional.
Sole trader business structure is registered to an individual with an Australian Business Number (ABN) and is the simplest and cheapest business structure.
Actually its FREE, all you need to get started is an ABN, which is FREE if you register yourself.
It's the easiest way to start doing business, and you're in complete control of running your business. You're also responsible for all the debts and liabilities of the business, that is one of the downsides.
A very popular option for anyone starting out in pursuit of their dreams. Sole traders pay tax on business profits using the individual marginal tax rate.
Assuris FIG accountants help sole traders in all aspects of the business, keep track of your business finances and managing your tax obligations. We are with you every step in your journey.
As a sole trader, you are responsible for all aspects of your business, from operations to marketing to finance.
This can be a lot to handle on your own, which is why you may benefit from working with a full-service business tax and advisory firm like Assuris FIG.
Assuris FIG business accountants are registered tax agents providing you with comprehensive support in all areas, including; Tax registrations and ASIC business name registrations, business tax returns, business activity statement preparation, payroll and much more.
A sole trader is an individual form of business structure, which means you are personally liable for all debts and obligations incurred by your business.
So if your business is unable to pay its debts, creditors can pursue you for payment. In some cases, you may be required to sell your personal assets to cover the debts of your business.
Personal liability can be a significant risk for sole traders. If you are concerned about this risk, you may wish to consider forming a company. Companies are separate legal entities from their owners, generally speaking, this means that the owners are not personally liable for the debts of the company.
It is important to understand the implications of personal liability before setting up as a sole trader.
You may wish to seek professional advice to ensure that you are fully aware of the risks involved.