Sole Trader Accountants Central Coast

Expert Accounting Solutions For Sole Traders

Want to know how to become a sole trader and what your tax obligations are? The team at Blue Orchid Accounting is here to help. We work with countless sole traders along the Central Coast, providing professional advice and friendly assistance with all matters relating to tax and accounting.

We offer:

Advice on the most suitable software to maintain your transaction records
Assistance on how to record your periodical transactions when it comes to GST
Advice on the proper set-up & outlay for issuing tax invoices & required components to be included in any bill
If applicable, assistance with your employees’ payroll (wages) & allocation of compulsory superannuation
Advice on purchasing business assets, such as motor vehicles, & correct record-keeping procedures

For a Central Coast accountant you can truly rely on—call on the friendly, trusted team at Blue Orchid Accounting on 1800 008 664.

Comprehensive Taxation Services —

At Blue Orchid Accounting, our friendly team also provides:

Assistance with the basic rules & laws that govern sole traders
Registration as a sole trader for an Australian Business Number (ABN), Goods and Service Tax (GST) & PAYG (Pay As You Go) regime, where applicable
Information on your annual statutory obligations to the Australian Taxation Office & Department of Fair Trading
Guidance on any allowable deductions regarding your work/business & how to claim all eligible expenses
Assistance when selling or deposing of a business asset
Assistance on Capital Gains Tax implications & Small Business Concessions, if applicable
Preparation of Business Activity Statements, including GST reporting (cash/accrual basis), PAYG withholding, & Instalments
Preparation of individual tax returns, including business schedules, investment rental property schedules, etc

For further information on sole trader taxation, get in contact with team at Blue Orchid Accounting and book a consultation with our trusted Central Coast accountant.

Becoming a Sole Trader —

As per the Australian Taxation Office website, as a sole trader, you:

Use your individual tax file number when lodging your income tax return
Report all your income in your individual tax return, using the section for business items to show your business income & expenses
Apply for an ABN & use it for all your business dealings
Register for Goods & Services Tax (GST) if your annual GST turnover is $75,000 or more
Pay tax at the same income tax rates as individual taxpayers, while you may be eligible for the small business tax offset
Put aside money to pay your income tax at the end of the financial year—usually via paying quarterly Pay As You Go (PAYG) instalments
Claim a deduction for personal super contributions you make after notifying your fund

For further information on sole trader taxation on Central Coast, contact Blue Orchid Accounting today.

Our Wide Range of Services —

Since 2011, the team at Blue Orchid Accounting has been working with clients from all walks of life, providing trusted accounting and taxation services on the Central Coast. We work with:

On this website, you’ll also find Useful Links and News Articles on all matters relating to taxation, accounting, and finances; keeping you informed and up to date on all you need to know about your taxes.

Sole Trader Accountants FAQs —

Should a sole trader get an accountant?

While it’s not legally required for a sole trader to have an accountant, engaging the services of an accountant can be highly beneficial. An accountant can help you manage your finances, ensure compliance with tax regulations and provide valuable advice on business growth and tax minimisation strategies. Blue Orchid Accounting offers comprehensive accounting services for sole traders on the Central Coast and Lower Hunter.

What type of bookkeeping system does a sole trader use?

A sole trader can choose between a manual, spreadsheet-based or software-based bookkeeping system. While manual systems may be suitable for very small businesses, most sole traders find that using accounting software or engaging a professional bookkeeper simplifies the process and ensures accuracy. Blue Orchid Accounting provides bookkeeping services for sole traders, catering to your specific needs and requirements.

Who keeps the profit of a sole trader?

As a sole trader, you retain all the profits generated by your business. However, it is essential to keep in mind you’ll need to pay income tax on your profits and fulfil any other tax obligations, such as GST if your business turnover is above the required threshold. Blue Orchid Accounting can help you manage your finances and ensure you comply with all relevant tax regulations.

Does a sole trader need an auditor?

Sole traders are not legally required to have an auditor. However, if you have specific concerns about the accuracy of your financial records or need assistance with compliance, it may be helpful to engage a professional accountant to review your accounts. At Blue Orchid Accounting, we offer a range of accounting services to help sole traders maintain accurate financial records.

Does a sole trader need bookkeeping?

Yes, sole traders must maintain accurate and up-to-date financial records for their business. Proper bookkeeping ensures you can track your income, expenses and overall financial performance, which is essential for making informed business decisions and meeting your tax obligations. Blue Orchid Accounting provides bookkeeping services tailored to the needs of sole traders, ensuring your financial records are well-organised and compliant.

Does a sole trader need to lodge a tax return?

Yes, sole traders are required to lodge an individual tax return each financial year, reporting both their business and personal income. In addition to the standard personal income sections, sole traders must also complete the business and professional items schedule, which outlines their business income and expenses. Blue Orchid Accounting can help sole traders prepare and lodge their tax returns, ensuring compliance and minimising tax liabilities.

What software should a sole trader use to maintain their transaction records?

The choice of software for maintaining transaction records depends on the size and complexity of your business. Popular accounting software options include Xero, MYOB and QuickBooks, which offer user-friendly interfaces and cater to different business sizes and requirements. Blue Orchid Accounting can provide advice on the most suitable software for your specific needs and help you set up and maintain your transaction records.