Home – New Forums Starting your journey Sole Trader….. Reply To: Sole Trader…..

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FletcherTax, post: 24790 wrote:

You need to show the bank that you are the registered owner of your trading name and they will add it to your bank account file. And hence allowing cheques written out to your trading name to be banked.

The teller is doing his job but he should of asked you for more information.

The ATO does not stipulate that you need a separate bank account when your a sole trader, but efficient records should be kept to distinguish between business and personal at tax time.


I got some questions hope to raise in this article.
I am a newbie to business and means that I have just begun only to think about starting a business. It is an IT consulting company – be a Sole trader.
I know some processes of starting a business are: register my business with the department of Fair Trading, register my ABN number, setting up business account in a bank, setting up a business website, hosting it, doing business planning, marketing to attract customers..etc. However, one aspect I really need to know is, when tax time, will there be any other tax form to complete other than the standard tax form ordinary employees are filling. Please suggest. Also will I have to fill in too much details simply because I have had my business whether I have incomes from business or not.
Also even I have my business start in the new financial year can i file my tax form without accountant in order to save cost similar to what I used to do when I was a full-time employee. Can you estimate how much will i spend in business beginning processes :ABN registration, business registration with Fair Trading..etc? I just worry spending too much at start beyond my budget without any penny return because of lack of customers with lack of marketing and business skills to get customers and margins.

Please kindly advise.