A sole trader is the simplest business structure. The structure is inexpensive to set up because there are few legal and tax formalities. If you operate your business as a sole trader, you trade on your own and control and manage the business.
What to start your business as a sole trader? We can help.
When you start your business as a sole trader, you are actually starting your business under your own legal name and tax file number. You will need to register an ABN number to your tax file number. Registering a business name is optional. If you choose not to register a business name, your legal trading name is simply your personal name.
Tax return for sole traders:
In terms of tax returns for sole traders, your business income and expenses are recorded as part of your personal tax return.
Sole trader business income and expenses are simply reported in a different section within your personal tax return.
From setting up your sole trader business from scratch to preparing and lodging your tax return as a sole trader, we have various packages for you to choose from, or we can simply tailor a package to meet your needs.