St Kilda Accounting & Tax Specialists
TAX ACCOUNTANTS FOR SOLE TRADERS IN ST KILDA
We provide peace of mind for you and your business by delivering Taxation, Accounting and Bookkeeping services to Sole Traders in St Kilda.
Are you a Sole Trader?
Already operating or considering starting a business as a sole trader?
St Kilda Tax Accountants Tax Accountants in Caulfiled can help as we are a 'one-stop-shop' for accounting services and tax advice for small businesses and self-employed individuals.
At St Kilda Tax Accountants, we offer a number of accounting solutions to assist you as a sole trader. Although being a sole trader is one of the simplest ways to get started in business, there are many processes that need to be followed.
A sole tradership is but one of the many different ways in which to operate a business.
What Is a Sole Trader?
Depending on your circumstances or situation, there may be benefits of operating as a sole trader rather than as a company. However, whether a sole trader is right for you will depend on your business objectives, purpose and unique character.
The team at St Kilda Tax Accountants can help you determine which structure is suitable for you. Specifically, St Kilda Tax Accountants accountants are highly experienced in helping individuals, families and partners set up new businesses.
A sole trader conducts business as an individual and without the benefit of a separate legal entity that is unconnected with the individual. Accordingly, all assets and liabilities of the business are essentially the assets and liabilities of the individual.
The nature of the business of the sole trader, having no separate legal identity, exposes the individual to unlimited liability for the debts and liabilities of the business, meaning that in circumstances where the business fails, the sole trader will become directly accountable to creditors and the personal assets of the sole trader (which may not necessarily be involved with the business) may also become the subject of claims.
Accounting
When we became a Xero Partner firm a few years ago, we saw the potential value for our clients that we could not expect before. Most of all, the real time advice is now possible as Xero is more like collaboration platform between clients and their advisers including us.
Real-time advice means clients can get a professional advice based on the financial information Xero supplies whenever they need. Real-time advice also means the accountant can discover broader service areas that could be useful for the clients and give a right advice on time.
Bookkeeping
We have a team of Australian Accountants with over 20 years of experience dedicated to making your life easier. Our team remain in constant communication with you throughout this process.
Our goal is to show their clients that keeping on top of their financial affairs is far more accessible and enjoyable than they imagined possible. Our friendly team help our clients thoroughly understand their unique tax situation. We work flexibly with our clients to create the optimal system and approach for each circumstance.
Taxation
We are bookkeeping professionals who have been assisting customers achieve flawless accounts for many years. As specialist St Kilda bookkeepers; we are dedicated to helping small and large business resolve their accounts issues through our years of experience. Our local St Kilda bookkeepers are experts in XERO, MYOB, Reckon and QuickBooks as well as all other popular bookkeeping software.
We pride ourselves on being the bookkeeping solution providers and have become well respected and highly trusted bookkeepers in St Kilda and the surrounding suburbs. With a strong emphasis on establishing long-lasting relationships with our clients whilst also providing tailored and cost-effective solutions.
Tax Advice for Sole Traders
From a tax perspective, sole traders are unable to reduce tax through income splitting and in their ability to claim business deductions (which must be substantiated as fringe benefits). On the other hand, the sole trader structure is often more simplistic in nature. As well as CGT advantages, the profits raised by the business forms part of the assessable income of the individual which can mean tax is paid at a lower marginal rate, but also quite possibly at a higher marginal rate. Accordingly, in many circumstances, operating a business under a sole trader structure is not only suitable but the most appropriate.
The main advantages of setting up as a sole trader are:
- Total control – You have total control over the business. Decisions can be made quickly and easily, from accounting and financial decisions to general business decisions.
- Easy to change to another operating identity. It is relatively easy to change your operating identity from that of a sole trader to an incorporated company.
- Keep the profit – As the owner of the business, all the profit belongs to you.
- Business affairs are private – When you run an unincorporated business your accounts are not made available to the public, therefore, competitors cannot see what you are earning hence they will know less about how your business works and how it succeeds.
- No need to apply for a separate TFN – Your business profits are taxed with your other income on your personal Income Tax Return.
The reasons why sole traders are often successful are:
- They can offer a more personal approach – A smaller business can have closer contact with their customers and develop a close rapport in order to give a high level of service and customer care.
- They can be sensitive to the needs of their customers – Since you are closer to the customer that allows you to react more quickly to their needs than a larger business.
- Can cater for the needs of local people – Small local businesses will be closer to the community and can develop good business relationships with their understanding of the area and local knowledge.
Economic times are tough and it is more important now than ever before to maximize your tax refund. St Kilda Tax Accountants will help you prepare the perfect return so that we can all work together in this unpredictable economy!
We are a full-service company that caters to the needs of small business owners. With us, you can rest assured knowing we have your back when it comes time for taxes and accountancy services! We offer all types or industries professional advice such as bookkeeping or financial management so contact one our experts today at St Kilda Accountants
Professional Services
The team at St Kilda Tax Accountants has a deep understanding of professional services industries, and the specific needs that come with them. They provide accounting advisory to their large clientele in order for them be able best serve these businesses.
The retail industry is a challenging place to be in today's climate. We help retailers understand their problems so that we can provide them with assistance from our team who specializes specifically at helping your business succeed no matter what obstacles come up next.
The main disadvantages of being a sole trader are:
- You are personally liable and accountable for all your businesses debts – Should your business fail you could end up losing your personal assets such as your home, car, etc.
- Can be difficult to raise finance – When you run a small unincorporated business, banks will not lend you large sums and you may find raising finance for the business is very difficult unless you are prepared to change your ownership status.
- Can be difficult to enjoy economies of scale – Smaller business often find that they cannot buy supplies in bulk and do not enjoy the same discounts as larger businesses.
Business Advisory
Starting, building and maintaining a successful business in today’s uncertain and rapidly changing environment requires knowledge, perseverance and the right team behind you.
Our highly skilled and results-led team can assist you to access funding, make informed strategic decisions, develop comprehensive and rolling plans at each stage of your business’ lifecycle, and identify business opportunities.
By working with you to understand your business and industry, we provide specialist knowledge and objective advice to help your business meet its full potential.
Thinking about exploring an SMSF but not sure where to start? Don't worry, our team is here for you. SMSF Solutions is a specialist division of St Kilda Accountants providing administration, compliance, accounting and taxation services for Self-Managed Superannuation Funds (SMSF).
We know exactly how it all works and we can help you create the best set up. Our services include things such as assisting in understanding the implications of having a SMS and establishing a SMSF & obtaining tax benefits among others.
Financial Advisory
Our business model is to keep our practice small and manageable, with a focus on quality clients who have life aspirations that they wish to fulfil through money, advice and planning.
Our personalised financial advice and individual wealth management, ensures that you don’t get lost amongst a bigger practice, or institution, where you can become just a number, changing financial advisors regularly with no personalised care.
Our financial advisers have worked in the practice for many years and are committed to providing advice that is just not numbers, but personalised for you to achieve your life aspirations.
Sole traders are one of the easiest and cheapest ways to get started in business, but there are many legal and tax formalities which can be confusing.
If you are like most tradies or sole traders, you just want to get on with what you do best, and let someone else deal with your receipts, tax obligations; GST, BAS and general paperwork.
As a small business, St Kilda Tax Accountants Accounting services can relate, we understand that it’s hard to do everything yourself. Finding good reliable partners is also difficult.
The team at St Kilda Tax Accountants are flexible in our sole trader solutions. We can look after all your books, help you with your invoicing, BAS and be there to support you. We can be your full time accounting partner or just the typical once a year tax compliance or even somewhere in between.
At St Kilda Tax Accountants, we look after many sole trader businesses from various industries, hair dressers, carpenters, electricians, home maintenance, florist’s plumbers and cake makers, just to name a few.
Starting a business is not easy, and it's even more challenging when you're doing so on your own. That’s why St Kilda Tax Accountants offers complete tax solutions for individuals or businesses in need of guidance with their financial planning needs as well!
Our team is dedicated to servicing the needs of all types, including medical professionals. We offer friendly and industry-leading advice relating tax law compliance so you can get back on your feet with a smile!
We have a team of experts with extensive experience in servicing the manufacturing industry. We provide accounting, information technology and audit services as well regular periodic management reporting to supplement our detailed financial analysis that lies at heart astute commercial decision making processes for your company's success!
St Kilda Tax Accountants is a team of professionals who are passionate about helping small businesses succeed. Whether you own and operate one bar or an entire restaurant chain, our accountants will provide the support your business needs to be successful!
Whether you are running an SME, are in a partnership or a sole trader, the calculation of tax will differ.
Taxation compliance and the calculation of tax varies markedly dependant upon the type of business entity. Any new or existing business should stay well informed by their St Kilda accountants of the laws to ensure that compliance needs are met. Taxation and accounting laws vary from state to state. Where possible it’s always a good idea to check on the ATO website for more information.
Going at it alone and working for yourself may seem intimidating at first, but it can also be deeply rewarding. Getting the tax and accounting part right is the bread and butter part of running a business as a sole trader. Sole traders declare their business income (or loss) within their personal income tax and pay individual tax rates. Call on the experience and expertise of the team at St Kilda Tax Accountants Accounting Services in St Kilda, to have all of your sole trader financial needs addressed under one roof.
For sole traders, partnerships and companies, the ATO will assess whether or not these business entities should be using PAYG instalments. Instalments that are paid to the ATO are then credited against the income tax assessment. This happens when you lodge the tax return at the end of the fiscal year.
Sole traders and other entities should always be mindful of income tax that they need to pay. Either by setting aside this money in a separate account, or arranging to make voluntary payments to the ATO. Another important factor to being a sole trader is making voluntary and regular payments into Superannuation. This is a much neglected and tedious part of working for oneself, that is often overlooked.
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