Sole Trader with taxable income above $120,000?

Working in your own small business can be time consuming. As your business grows finding time to sit down and work out future plans can be hard. Lack of time can lead to things like considering structuring to be left on the back burner. This has the potential to cost you thousands in tax every year.

As your business grows being a sole trader might no longer be the most effective structure for you. We have found that sole traders with a taxable income of over $120,000 might benefit from structuring advice.

What are the benefits?

Correct structuring can lead to considerable tax benefits. There can also be additional legal protections from having the correct structure. If something happens in your sole trader business your personal assets can be on the line with no protections.

Structure is important: There can also be considerable tax benefits if you decide to sell your business down the track.

If you are a sole trader and would like to have a free chat to talk about your situation please get in contact with us today.

Disclaimer: Please be advised that the above information is a brief overview. This information should not be relied upon. No warranty express or implied is given in respect to the information provided and accordingly no responsibility is taken by Go Further Accounting for any loss resulting from any error or omission contained within this website. It is only intended to be general in nature and anyone intending to apply the information to their practical circumstances should seek professional advice to independently verify the information and how it applies to their specific circumstances.