Do you know what it means to run a business as a sole trader? Find out what taxes you pay, the registrations you need and your responsibilities if you employ staff under a sole trader structure.
Understand the differences between a sole trader and a company business structure when considering the reasons why you are changing structures and what you want to achieve with your new structure.
Tax differences between a sole trader and a company.
This checklist will guide you through some of the key differences between starting and operating as a sole trader or a company. It covers points that people commonly misunderstand, which can affect how you run your business.
What could I be personally liable for as a sole trader vs. a company director?
Super for sole-traders...
Each business structure as different legal, tax and record keeping responsibilities. Understand the difference between a sole trader and a company before deciding on your business structure.
For sole traders, understanding how much PSI you earn is important as it can affect what tax deductions you can claim. Find out what personal services income means for sole traders.
Set-up steps and costs for a sole trader and a company.
Small business tax concessions are available whether you operate your business as a sole trader, partnership, company or trust.