Running a business on your own can be stressful and time-consuming – but with our expertise behind you, it doesn't need to be.
When it comes to fulfilling your sole trader taxation and accounting obligations, Liston Newton understands the unique challenges you face.
Our comprehensive range of business accounting services is designed to help you structure your business for maximum efficiency, while enabling full compliance with the latest taxation laws.
Liston Newton Advisory has a long history of working with sole traders, and we understand the challenges faced by small business owners.
We have more than 40 years of experience in helping businesses like yours to structure, plan and grow.
Our dedicated, professional team is here to help you plan your business accounting and taxation requirements for ongoing success.
We have worked with Liston Newton's Accountancy and Advisory Team for over a decade. During that time, our business has grown substantially both organically and through purchases. This wouldn’t have been possible without Liston Newton Advisory to assist with our business planning, providing proactive advice and ensuring our accounts were always compliant in a complex and volatile industry.
Liston Newton's Accountants analysed our financial and business situation and helped us implement strategies to improve our position. Their strategies turned our business from making a loss, to recording a 6-month net profit of 36 per cent. And we are now on track to show a 240 per cent increase in turnover over the next financial year.
Liston Newton helped us move our accounting over to Xero. Their Accountant managed the set up and training so we felt comfortable with the software. We now have all our processes streamlined which gives us improved visibility of our business performance. This has allowed us to open 2 more stores without a significant increase in administration effort.
Choose the advisors with all the qualifications and experience to help you excel.
Create seamless business efficiency with your sole trader business.
A sole trader is an individual who runs a business. They are the sole owner and are legally responsible for all decisions that the business makes. Debts and losses can't be shared with other people. You're responsible for paying super for your employees, and also for putting money aside for your own super. However, there are also several sole trader advantages. For one, it is the cheapest structure for running a business.
To operate your own personal business, all you need is your tax file number. If you are required to issue invoices and register for GST, you may also choose to register an ABN.
If you have exiting or projected revenue of more than $75,000 in a financial year, you'll need to register for GST. You’ll also need to lodge a quarterly Business Activity Statement with the tax office.
As a sole trader, you follow individual income tax rates and simply lodge your return under your personal tax file number. You’ll also need to complete a business schedule. It’s relatively straightforward, but it does make things more complex than your standard tax return.
No. If you are a sole trader, you can only operate under your own tax file number. To add business partners, you'd need to form a partnership, a unit trust or a company.
Selling a business is a big decision. It’s the end result of years of hard work, so you want to make sure you do it right.
What to do with the profits after selling your business, and the best tax structure after your business sale. Read more here.