Sole Traders

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AWARD specialises in small business planning and advice. Whether you are starting up or wanting to expand your existing enterprise, we can advise you in the areas that are relevant for your business and assist in implementing a plan of attack.

Getting your hands on the right information at the right time is crucial. One of the most difficult and time consuming tasks for any business owner is keeping up to date with the paperwork. Using streamlined solutions, we can help turn the hours spent on this chore into minutes.

To be a sole trader is the simplest business structure, and as the name implies you will be operating the business on your own, and will control and manage all aspects of your business. For tax purposes, your personal financial affairs and your business’s affairs are one and the same – there is no separation.

There are few legal formalities, but you will need an ABN (Australian business number), and the structure is inexpensive to set up. You receive the full benefit of any profits, and keep all after-tax gains when you sell-up. However you also personally bear the full brunt of any operating losses.

Also, access to finances is limited to your own resources, and you are legally responsible for everything the business does. You also put private assets at risk, such as your house or car, if the business goes into serious debt and these private assets are targeted in any debt collection efforts.

GST Management

The GST system is a complex and confusing one. For this reason AWARD ensures its staff are continuously up to date on the changes, and able to offer you accurate advice.

Every transaction now brings with it a GST issue. We have experience with these issues and are able to offer expert advice on the implications of GST for your business.

The GST related services we offer include, but are not limited to:

  • Advice on registering for GST
  • Filing and adjusting GST returns
  • ATO audit assistance

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