Customised Accounting Service for Sole Trader Business in Browns Plains
Technically speaking, sole trading is considered to be the most elementary form of business structure. It is a pretty inexpensive structure, and that is because very few tax and legal formalities are attached therewith.
However, if you are a sole trader in Browns Plains and trade on your own, you naturally have the responsibility of controlling and managing your business, no matter how minuscule it might be. You are solely responsible for every legal aspect of your business. This means you cannot share your debts and losses arising out of the business with anyone. This is why you need to put stakes on professional accountants for sole trader businesses in Browns Plains who will deal with the financial and legal aspects of your business. This is where H&T Accountants come into the picture. We have in our team, highly experienced professionals who are specialised in offering accounting services for sole traders.
What Are Your Responsibilities as a Sole Trader in Browns Plains?
The business income that you enjoy is considered as your individual income and you are the only one responsible for the payment of every payable tax. In other words, after you have claimed the deduction for all allowable expenses, you need to include all your business income with other income(s), if any, and report it while filing your individual tax return.
As a sole trading individual, you have to pay the same tax as an individual taxpayer.
Thus you see, you have an array of financial activities to deal with, all of which are not only pretty time consuming, but are quite complicated as well. However, when you hire us, our sole trader accountant in Browns Plains will assist you in all your tax-related and associated activities, so that you can focus your business.
What Are Our Responsibilities as Your Accountant for Sole Trader Business in Browns Plains?
- Applying for an ABN on your behalf for your business. Once you receive it, you need to use that Australian Business Number in each business dealing.
- Applying for your Business Name Registration.
- It is also our responsibility to attach your trade name with your ABN through a separate registration.
- If it’s an enterprise, then we will file the registration for Goods and Service Tax (GST). It is mandatory to register for GST if your annual income inclusive of your turnover is more than $75000.
- We are also responsible for preparing your Sole Trader Tax Return and tax planning, and Capital Gains Tax.
- We would come up with business plans and advice, if and when needed.
- We would provide valuable advice on GST and PAYG (Pay As a Go) and on Business Activity Statement (BAS) preparation.
- Advise you on Superannuation and ABN Applications.
- Forecasting on profit or loss in your business.
- Work Cover Registration.
- Preparation of Form 19/Section 12 and many more.
Therefore you see, when you put stakes on us, you are relieved of all these responsibilities, none of which is that easy. This itself says how beneficial hiring accountants for sole trader businesses in Browns Plains is, if you are a sole trader.