Sole Trader

Sole Trader

The sole trader is a common form for small businesses, the “handyman” type of operation. As name implied, the business has only one owner. The owner controls and manages the business.

You can commence business after first registering a business name at Consumer Affairs (registration not required if you trade under your own name) and acquiring the required business licence from the appropriate government department.

You will need to apply for ABN for your business and use this number for all your business dealings.

All income and expenses associated with the sole trader’s business are included in the sole trader’s personal income tax form lodged at the end of the financial year. Therefore the sole traders pay the same tax as individual taxpayers, according to the marginal tax rates.

The sole trader is personally liable for all the debts incurred by the business. In effect, the business is a simple extension of the sole trader’s personal activities and treated as such.

Services we provide

At JH Business Services & Taxation, we have extensive experience with the set-up and administration of sole trader. We can assist you with:

• Sole trader set-up

• Financial records and tax return

Please click here for our fees & charges for administration and preparation of annual accounts & tax return for sole trader.