Home – New Forums Money matters Transition from Sole trader to P/L: FTB, CSA, Austudy Reply To: Transition from Sole trader to P/L: FTB, CSA, Austudy

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Hi Julian,

Its a real shame to see you give up on your dreams just because of a shonky accountant. People like him shouldn’t be in business and they definately don’t deserve being paid. I hope this horrible experience hasn’t affected your ability to recall everything you’ve learned in your exam.

From your initial post, it looks like your kayak business was profitable and was growing – its a shame to see something like that stop. Having your own business can give you much more family time than an employee – all depending on how you run it.

Its definately viable setting up a Pty Ltd company – even if your turnover is less than $80,000 at the moment. There are a few legal ways of transferring the income from the business to yourself if its the best option.

I’d highly recommend to reconsider your business venture once you’ve completed your exam and had a chance to breath. I’m not sure how many people are importing Kayaks into Australia, but it seems like a niche market to me, and therefore shouldn’t be given up on.

In relation to finding an accountant, I’d suggest to have a look around and find one that suits you, make an appointment with a few different ones to ask one question (more to get to know how they think / operate). It may also help if you knew the answer beforehand – you’re then testing that they know their stuff. Bear in mind that tax accountants generally charge for the time you take so try to keep the meeting short until you choose the accountant that suits you. Once you’ve chosen an accountant that suits you, then go through all your questions with them.

Hope this mess settles down shortly and you’re able to sort it all out.