Business Mantra Chartered Accountants & Business Advisors

Business Mantra is supported by our international affiliate network; ensure your compliance with local tax and governance issues We aim to minimise overall tax and cash flow issues at a global level

We have the expertise and experience to help you with your Self-Managed Superannuation Fund We help you managing everything for you from initial set up, ongoing accounting and compliance, to general advice and audit

What Are The Advantages Of Being A Sole Trader?

People often ask, “what are the advantages of being a sole trader?” Is it worth it to be your own boss? When comparing it to being an employee, some of the benefits include;

• Relative easy to set up and run for smaller business owners
• Set up costs are very low (when compared to other structures)
• Likely to be eligible to small business tax concessions
• You control of your day to day affairs
• Increased ability to claim business related deductions for business related items

But, there are limitations to going down this path If you are trying to build more than just a replacement for the income you would have earned as an employee, you would need to be open to other structures Whilst the cost of setting up and maintaining other structures would be higher, the tax benefit often outweighs that cost

Seven Qualities I Want In My Accountant

It’s a question often asked, do I need to have a specific tax accountant? A good accountant should be able to answer your questions, and guide you throughout the course of your business’ life So picking the right one is just as important as picking the right business partner

• Doesn’t need to have all the answers on hand
• However, they should know where to look
• They should be able to tell you tax or other government incentives, that could allow your business to thrive
• Be completely transparent
• You understand your fee structure, and never feel surprised by an accounting bill
• Act in your best interests, even when you don’t always like the answers
• Explain to you why you can, and why you can’t do certain things when submitting paperwork to the ATO, or ASIC
• Be available when you need them
• Everyone gets busy, but a good accountant will at least be able to get back to you in a timely manner (not weeks later)
• Has the ability to do more than lodge a tax return
• Can advise you on how to grow your business, or achieve your goals
• Promotes, and engages in conversation more than once a year, therefore understanding you and your goals in life

I Want To Set Up My Own Business. What Should I Do?

Your first point of call before setting up a business should be to find an accountant that can help you They will be your “go to” person to make sure you have set things up correctly and have engaged the right people along your journey Things to take into consideration:

• Getting setup in the right trading structure from day 1
• You don’t want to have to worry about this again once you are up and running
• Setting up your internal systems and accounting package based on the business you want be in the future, not the business you are now
• Make sure your insurances are all in place & you are covered for the industry you are in
• Build your business plan
• This doesn’t need to be a huge document, a 1 page document of what you want to achieve is good enough for a lot of people
• Make small goals that will help you achieve the big goals
• Without them, the big goals appear too far away and you don’t have anything to guide you