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Accounting for sole traders
Minimise taxes and maximise efficiency with Liston Newton
Liston Newton Advisory
Liston Newton Advisory is rated from 32 reviews
Tailored tax advice from an award-winning sole trader accountant
Years of experience
With a 40-year history of helping small businesses, we have the in-depth understanding needed to help you meet your obligations.
Up-to-date advice
We stay informed with the latest changes to taxation laws, so you're always positioned for maximum benefit.
Client partnerships
We form long-term relationships with our clients, empowering you to achieve your long-term goals.
Industry innovation
We use the latest cutting-edge software and technology to make business easier and more efficient for sole traders.
The simplest structure still demands rigorous accounting
A sole trader is typically understood to be the simplest business structure: a single individual with straightforward operations and minimal risk. But you know that’s not entirely true. Larger structures, with larger staff, can delegate; a sole trader is on their own. Put us in your corner.
Whether you’re looking to start a new business or optimise your existing one, our business structure accountants will help you understand the nuances of being a sole trader. We can help you:
- Determine whether you should set your business up as a sole trader
- Lodge your BAS returns
- Guarantee tax compliance and complete your returns
- Understand your GST obligations
Order and automate your bookkeeping
Our sole trader advice covers every topic you need to know about
We’re not just numbers people who’re happy with a quarterly check-in. We started Liston Newton because helping business owners and entrepreneurs find their feet and thrive is the most satisfying thing in the world to us. Our ideal is to be your career-long accounting partners. We want to help you grow and develop your business and build your personal wealth.
Since you’ll be taxed at your individual rate rather than the corporate rate, we’ll show you how to pay less tax as a sole trader. Now that you’re in charge of your own super, we’ll help you prepare for a comfortable retirement by growing your super. To better protect your assets, we can help you to change from a sole trader to a trust. Or, to meet your growth ambitions, we’ll help you transition into a company structure.
At your consultation, we’ll help you understand the different types of business structures and assess which one might be a better fit for your goals:
Book a consultation and meet your new sole trader accountant
Talk to us
Choose a sole trader accountant with more to give
Our advisors have all the qualifications and experience to help you excel.
“I’m truly grateful for their advice and look forward to working together for many years to come.”
Kieran Liston and the Liston Newton team have been assisting me with my accounting matters since 1976. For the past 47 years, Kieran and the Liston Newton team have provided reliable accounting assistance, which has allowed me to focus on my business in primary production.
Their exceptional service has consistently exceeded my expectations and made me feel that they truly care about my financial well-being.
Liston Newton has given me really helpful guidance over the years for both my business and my personal finances. When you have an accounting team that you trust to give the right advice, it gives you the confidence to focus on growing your business and doing the things you love.
Liston Newton helped us move our accounting over to Xero. Their Accountant managed the set up and training so we felt comfortable with the software. We now have all our processes streamlined which gives us improved visibility of our business performance. This has allowed us to open 2 more stores without a significant increase in administration effort.
Free downloadable guide
We take pride in helping business owners get more out of their hard work. Our downloadable guide can give you an in-depth look at strategies that will help you get the right structure and grow your business.
- How to sell your business in a tax-effective way
- Find the right structure for your business
- Understand tax and accounting implications
Get the guide
Nearly half a century of helping sole traders manage their finances
Many of us here don’t just work at Liston Newton. We also enjoy the challenge of starting, investing in, growing and selling businesses ourselves. We know how rewarding — and how taxing — the challenge can be. That’s why working with SMBs, ambitious entrepreneurs and dedicated sole traders is one of the more gratifying parts of our job here: it gives us the chance to use our rich expertise to help others achieve their greatest potential.
We’ve helped sole traders maintain their businesses, find their niche or grow into major industry players. We’ve earned enough trust from our clients to build decade-long partnerships with them as their accountants. Choose to work with us, and you’ll see just what we’re capable of.
The benefits of a Liston Newton partnership
- 40 years of industry experience
- Award-winning financial management services
- Guaranteed ATO compliance
- Xero Platinum partner
- Tailored business advisory offerings
Meet your team
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How our accountants help sole traders find financial freedom
Financial freedom really is the end goal for all of us, isn’t it? The freedom to work how we like, live how we want and take care of our loved ones — that’s the dream. There’s no secret sure-fire way to achieve that dream, but our methodology will give you the best chance at reaching it. We call it Get Set, Get Moving, Get Free, and our holistic approach connects your professional goals to your personal ones. Here’s how it works:
Get set
We’ll start by stabilising your sole trader business, refining its operations and minimising liabilities.
Get moving
Next, we’ll play out long-term strategies to grow and develop your business and maximise your wealth.
Get free
Finally, we’ll help you grow your wealth and use it to achieve your long-term goals, from investment to retirement.
Case studies
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Business Structures
Safe T Pro
We built Safe T Pro a financial model to give them a clearer insight into their business performance, enabling them to scale without putting too much pressure on cashflow.
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Australian Migration Lawyers
In 2022, Liston Newton began working with Australian Migration Lawyers (AML). AML is Australia’s largest independent migration law firm and is dedicated to providing flexible, compassionate and professional legal support for businesses and individuals navigating Australia’s complex migration system.
Take a lookOur locations
We provide accounting services for sole traders all over Australia. We’ll gladly fly out to meet you wherever you are, capital city or regional town, for a consultation and a handshake. You’re also always welcome to have a coffee at your nearest Liston Newton office or join us at a virtual conference for your convenience.
Learn more about sole trading
Frequently asked questions
What is a sole trader business structure?
A sole trader is an individual who runs a business. They are the sole owner and are legally responsible for all decisions that the business makes. Debts and losses can't be shared with other people. You're responsible for paying super for your employees, and also for putting money aside for your own super. However, there are also several sole trader advantages. For one, it is the cheapest structure for running a business.
How do I start as a sole trader?
To operate your own personal business, all you need is your tax file number. If you are required to issue invoices and register for GST, you may also choose to register an ABN.
Do I need to register for GST?
If you have exiting or projected revenue of more than $75,000 in a financial year, you'll need to register for GST. You’ll also need to lodge a quarterly Business Activity Statement with the tax office.
How am I taxed?
As a sole trader, you follow individual income tax rates and simply lodge your return under your personal tax file number. You’ll also need to complete a business schedule. It’s relatively straightforward, but it does make things more complex than your standard tax return.
Can I have other business partners if I am a sole trader?
No. If you are a sole trader, you can only operate under your own tax file number. To add business partners, you'd need to form a partnership, a unit trust or a company.
Does a sole trader need an accountant?
While it is not legally required for a sole trader to hire an accountant, having one can be highly beneficial. Our accountants can help manage financial records, ensure compliance with tax obligations and provide valuable business advice. We can assist with tasks such as preparing and lodging tax returns, managing GST if registered, and ensuring that all deductible expenses are correctly claimed. Our sole trader accountants can also offer strategic advice on business growth, financial planning, and tax minimisation strategies, which can be particularly valuable for sole traders who may not have extensive financial expertise.
Can I be my own accountant for a sole trader?
Yes, as a sole trader, you can choose to manage your own accounting and financial affairs. Many sole traders handle their own bookkeeping and tax obligations, especially when the business is small and the financial transactions are straightforward. However, it's important to be aware of the complexities of tax laws and ensure that all records are accurate and up-to-date to avoid potential penalties. If your business grows or if you find the financial management overwhelming, seeking the help of a professional accountant may become a more viable and beneficial option.
Find time-saving support for sole traders
Create seamless business efficiency with your sole trader business.
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