Sole Trader vs Company EXPLAINED SIMPLY (Australia)
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If you don’t have the right business structure, you could be paying 20% MORE TAX than you actually need to be. This could easily be thousands of dollars!
The two most common structures in Australia are a sole trader or a company structure.
They both have their pros and cons, and neither is ‘right’ or ‘wrong’, but knowing both can save you a lot of time, money and headaches.
In this video, we’ll dive into the pros and cons of both structures, and the key considerations required to make an informed decision.
DISCLAIMER:
Information in this video is general in nature and doesn’t take into consideration your personal circumstances.
Everyone’s financial situation, business models and personal goals are unique, so be sure to consult with a professional accountant to find out exactly how each structure will affect your business.
For a more in-depth breakdown, check out my blog article:
https://boxas.com.au/small-business-h...
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Chapters:
0:00 - Intro
0:28 - What is a sole trader?
1:20 - Pros of a sole trader
1:40 - Cons of a sole trader
1:58 - Taxes on a sole trader
2:22 - What is a company?
3:09 - Debt and liability
4:43 - Drawing funds from a company
5:20 - Bringing in shareholders for a company
6:06 - Image of legitimacy for companies
6:27 - Cons of a company
7:19 - Pros vs cons of a sole trader
7:56 - Pros vs cons of a company
8:37 - Which one is best for you?
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Davie has over 10 years experience in advising businesses in management accounting and taxation issues. He heads up a passionate team at Box Advisory Group who are dedicated to offering proactive and outstanding service to our clients.
Davie’s extensive experience in providing tax and consulting advice and astute business knowledge has paved the way for success for many businesses.
He is a member of the Chartered Accountants Australian and New Zealand, a member of the Australian Tax Practitioners Board and holds a Bachelor of Commerce degree from the University of New South Wales.
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Website: https://boxas.com.au/
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DISCLAIMER: Please note that every effort has been made to ensure that the information provided in this video is accurate. You should note however, that the information is intended as a guide only, providing an overview of general information available to contractors and small businesses. This guide is not intended to be an exhaustive source of information and should not be seen to constitute legal or tax advice. You should, where necessary, seek your own advice for any legal or tax issues raised in your business affairs.
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