BLUE ORCHID ACCOUNTING
Sole Trader Accountants on the Central Coast
- Positive Reviews & Testimonials
- Competitive Rates
- Wide Range of Services
BLUE ORCHID ACCOUNTING
Sole Trader Accountants Central Coast
- Positive Reviews & Testimonials
- Competitive Rates
- Wide Range of Services
Expert Accounting Solutions For Sole Traders
Want to know how to become a sole trader and what your tax obligations may involve? Support is available from sole trader accountants who assist with accounting and reporting requirements across the Central Coast. Services are available to help new and existing sole traders understand record-keeping processes and taxation tasks.
Support includes:
- Guidance on selecting accounting software to manage your transaction records
- Assistance with recording periodical transactions, including those related to GST
- Information on setting up tax invoices & understanding the required billing components
- If applicable, help with managing employee payroll & allocating compulsory superannuation
- Advice on purchasing business assets, such as vehicles, & guidance on how to document those assets for tax purposes
These services are suitable for sole traders operating in various industries and income brackets.
To learn more or speak with sole trader accountants servicing the Central Coast, contact Blue Orchid Accounting on
1800 008 664.
Comprehensive Taxation Services
Blue Orchid Accounting provides a range of services for individuals operating as sole traders. Support is available for those seeking assistance with tax requirements, registration, and financial reporting. Services are suited to various industries and business types operating under a sole trader structure.
Sole trader accountants can assist with:
- Understanding the basic rules & laws that apply to sole traders
- Registering for an Australian Business Number (ABN), Goods & Services Tax (GST), & Pay As You Go (PAYG) withholding, where applicable
- Outlining annual obligations to the Australian Taxation Office (ATO) & the Department of Fair Trading
- Providing information on allowable deductions & how to claim business-related expenses
- Assistance with reporting the sale or disposal of business assets
- Capital Gains Tax (CGT) implications & potential Small Business Concessions
- Preparation & lodgement of Business Activity Statements (BAS), including GST reporting on a cash or accrual basis
- Preparation of individual tax returns, including business income schedules & investment property reports
For more information about services available through sole trader accountants on the Central Coast, contact Blue Orchid Accounting.
Becoming a Sole Trader
According to the Australian Taxation Office (ATO), individuals operating as sole traders have specific reporting and registration responsibilities. Sole trader accountants can assist with understanding these requirements and preparing the necessary documentation for each financial year.
As a sole trader:
- You use your personal tax file number (TFN) when lodging your income tax return
- All business income & expenses must be reported in your individual return using the business section
- You must apply for an Australian Business Number (ABN) & use it for all business dealings
- Registration for Goods & Services Tax (GST) is required if your annual GST turnover reaches or exceeds $75,000
- You pay tax at the same rates as individual taxpayers, & you may be eligible for the small business tax offset
- You may be required to pay income tax in instalments through the Pay As You Go (PAYG) system
- You can claim deductions for personal superannuation contributions after notifying your fund
For information on how sole trader accountants can assist with taxation matters on the Central Coast, contact Blue Orchid Accounting.
Our Wide Range of Services
Since 2011, Blue Orchid Accounting has worked with a wide range of clients across the Central Coast, providing services in accounting and taxation. Clients include individuals, families, business owners, and those involved in various types of financial and operational structures.
The team works with:
Sole trader accountants assist with a range of tasks such as tax return preparation, BAS lodgements, and support with GST, PAYG, and superannuation reporting. Services are also available to those setting up a sole trader business or managing changes in their business structure.
In addition to service pages, the Blue Orchid Accounting website includes a collection of news articles. These resources provide general information about taxation, accounting, and financial topics, helping visitors stay up to date with relevant changes, obligations, and reporting considerations.
For more information, explore the site or contact the team directly.
sole trader accountants FAQ
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, follow 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 bookkeeper simplifies the process and assists with 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 help you to 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 an 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 helps you to 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 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.
