You might want to start your business at a certain point in your life.
Operating as a sole trader is the simplest and cheapest business structure you can set up.
Set up as a sole trader
To set up as a sole trader, you need to:
- apply for an Australian Business Number (ABN)
- register for Goods and Services Tax (GST) (It’s your responsibility to register for GST if your turnover exceeds the $75,000 threshold ).
- register a business name (if applicable)
You control and manage the business, and although you ‘trade’ on your own, you can still employ people to work for you.
However, it would help if you thought about other areas in which you might have Responsibilities:
-Superannuation
-employee payroll tax
-PAYG
-Insurance
Run sole trader as a business structure also has its issues:
-No protection against personal assets
-Not a taxwise business structure.
Need more help?
Contact us for a discussion today.
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