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Agree with FletcherTax: “save/put away a portion of your profit as you go”

Does FletcherTax mean profit, or income? We find many sole traders forget that they are tax collectors working for the ATO :-) [Assuming you are registered for GST] – Your accountant may remind you that approx 10% of your income is not, and never, was yours (ok- you may have some deductions to reduce that GST component)

Our experience shows that most small businesses have no idea what their profit is until their books are done at the end of the year – Your accountant may suggest you set aside 20% of your income as you go – and take FletcherTax advice of getting a bookkeeper to at least set up your bookkeeping system – and have it reviewed each quarter

If you need a bookkeeper, we can point you in that direction

Speak to your accountant or tax agent because the comments made here should NOT be taken as specific taxation, financial, legal or investment advice.