Sole trading business is the simplest and most cost effective structure available for individuals carrying out business. In Sole trading Business you have complete control over your operations and there are minimal legal requirements in comparison with other structures. As sole traders operate individually, tax is charged at the applicable individual marginal tax rate.
To complete your annual tax return, sole trader has to meet the applicable taxation requirements every business operating in Australia is required to hold a valid ABN. Without an ABN you are unable to trade, complete tax returns and could face serious penalties.
Our qualified and experienced taxation professional, with an extensive knowledge of complex tax laws is essential to ensuring that your business is legally minimising its obligations. Without this, your operations could be outlined in a manner that is not appropriately minimising your tax liability, which can lead to the back-payment of tax and significant penalties. Our tax consultants are dedicated to legally minimising the tax you pay to ensure the financial viability of your business.
Additionally we can even help you setup super stream for super payments to any of the employees you have. It has become compulsory for employers to setup super stream starting 1st July 2016. ATO provides a free super stream service for employers with up to 19 employees.
Starting 1st July 2015, the government has introduced a range of tax concessions for businesses with a turnover of under $2 Million. Contact us to learn more about the Small Business concessions like simplified depreciation ($20000 instant depreciation, small business pool etc.) and small business tax offset.
The 2016 Federal Budget has proposed to increase the threshold to $10 Million and reduce the tax rate to a 27.5% for small businesses, as part of a Ten Year Enterprise Tax Plan of the current government. Please refer to our blog section for further details. The legislation is pending approval of the budget.
Sole traders with an annual turnover of more than $75,000 are required to be registered for GST and lodge their Business Activity Statements either Quarterly or Monthly.
SMS accounting partners is registered to cater to your GST needs as well. We offer a one-stop shop for all your accounting needs and keep you compliant with all the ATO regulations. Please contact us to discuss an annual package for managing your tax affairs.
Level 1, 34 Atherton Road,
Oakleigh, VIC 3166
Ph: (03) 95309750
Level 1, Suite 7, 148 Walker Street,
Dandenong, VIC 3175
Ph: (03) 95309750