You might be the sole operator of your business, but you don’t have to bear the weight of your financial responsibilities alone.

Embarking on the journey of establishing yourself as a sole trader offers the most straightforward business structure in Australia. As a sole trader, you have full ownership and control over your business, operating under your Australian Business Number (ABN). Additionally, you bear personal responsibility for your business taxes, debts, and liabilities.

You're required to report all business income using your Tax File Number (TFN) and pay income tax on your combined personal and business earnings through Pay-As-You-Go (PAYG) instalments. If your business employs staff, you're responsible for withholding tax from their wages and managing their superannuation contributions. Additionally, if your business generates over $75,000 in revenue annually, you must collect and remit Goods and Services Tax (GST) and submit your Business Activity Statement (BAS) according to the schedule set by the Australian Taxation Office (ATO).

Choosing the right accountant and bookkeeper for your business can help you maximise your business income. As a sole trader, you’ll need help managing the finances of your business, as well as your taxation obligations.